In trade receivable account do we debit or credit cash received from sales
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In trade receivable account do we debit or credit cash received from sales
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- How are the cash proceeds determined when a note receivable is transferred?How often do we post the cash column in the cash receipts journal to the subsidiary ledger?The entry to record collection of trade receivables under cash basis of accounting is* debit to cash, credit to accounts receivable debit to accounts receivable, credit to cash debit to cash, credit to sales debit to sales, credit to cash
- Distinguish between cash discounts and trade discounts for purchases. Is the amount of a trade discount on purchased merchandise recorded in the accounts?Why does Accounts receivable often are referred to as trade receivables?How does the sales and cash receipts journal work and what types of information does it contain?
