what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash, credit accounts receivable O debit accounts receivable, credit cash O debit accounts payable, credit cash

Q: Define the Note Issued for Cash.

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: What is the normal balance of cash? Group of answer choices This is an ambiguous question debit…

A: Cash is a legal tender that can be used easily to buy something. It is the most liquid asset in the…

Q: In trade receivable account do we debit or credit cash received from sales

A: The objective of the question is to understand the treatment of cash received from sales in the…

Q: How will the following items affect the pass book balance?  Direct payment by customer into the…

A: Pass book: A pass book issued by bank to its customers for the transactions carried out with bank…

Q: How can Notes Receivables be sold to another party? What is the process exactly? Please explain.

A: Notes receivables are current assets of a company. Many companies sell their products or services on…

Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: Journal entries commonly processed as part of the purchases and cash disbursements can include:   A…

A: Purchases of the business includes goods and services purchased for the business. It can be on cash…

Q: where would borrowed cash go on transaction worksheet

A: The borrowed cash is the amount of cash received by the entity through many ways - like from banks,…

Q: What accounts are affected when goods are sold on credit? (Check all that apply)…

A: The objective of this question is to identify which accounts are affected when goods are sold on…

Q: For each receipt in the cash book, postings should be made to the   . A. Credit side of the…

A: In accounting, a cash book is a type of ledger that records all cash receipts and payments,…

Q: Describe and use the cash payments journal. What steps are followed in posting from cash payments…

A:

Q: Deposits other than customer payments are entered using: a. Receive Payments b. Pay Bills c. Bank…

A: A bank account is an account with a bank that is used to deposit money and withdraw money. The…

Q: 1. What is a compensating balance?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following entries records the collection of cash from cash customers?   Question 9…

A: Collection of cash from cash customers means cash is receive from sale or service.

Q: How to calculate balance c/d when preparing an adjusted cash book?

A: Cashbook adjustments are used to correct input errors or adjust miscellaneous debits or credits in…

Q: How does accounting for uncollectible accounts affect the amount reported for net accounts…

A: Uncollectible accounts refer to that portion of credit sales which the company does not expect to…

Q: The main purpose of factoring accounts receivable is a. To invest accounts receivable in another…

A: Factoring is a financial transaction in which a company sells its receivable to a financial company…

Q: "recorded cash sales" what accounts are used

A: When we sell anything to the customer in cash then cash account debits and revenue of an entity will…

Q: 3. Should a note receivable from a related party be included in the balance sheet with notes…

A: Balance sheet:   Balance sheet is a summary of assets, liabilities, and equity account that reports…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: What is the difference between an account receivable and a note receivable?

A: Receivable: It can be defined as the amount that is owed by the customers from the business.

Q: What was the balance of the cash account after these transactions were posted?

A: Change in cash account, transaction wise. 1. Cash balance when shop was started = $41,900 2. No cash…

Q: On a balance sheet what does a line of credit do to the balance sheet does it offset notes payable?

A: A line of credit is an important aspect of accounting in  which the lender and the borrower come…

Q: additional loan from bank should it be included in cash at hand/cash on bank

A: The company maintain certain amount of the cash for working capital management and smooth operations…

Q: Regarding sources of cash, is granting credit to a custom

A: Companies give credit to customers to increase sales.

Q: A cash book is used to record

A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…

Q: he amount of cash that is actually expected to be collected on accounts receivable is referred to…

A: The balance sheet represents the financial position of the business with assets, liabilities and…

Q: Planet Company purchased goods worth $50,000 in July and expects to purchase goods worth $70,000 in…

A: Solution:- Computation of total expected cash disbursement for the month of August as follows…

Q: Receivables are claims that are expected to be collected in cash, and are frequently classified as…

A: The term receivable comes when a business sells the merchandise to the customer on credit. The…

Q: 3. Write the difference between debit cards and credit cards.

A: Debit cards and credit cards are the facilities offered by Financial institutions or bank.

Q: Why might a business prefer a note receivable to an account receivable?

A: An account receivable is a simple promise to repay the seller done by customer which is due as a…

Q: what is procedure to posting account payab

A: Answer : The cash disbursement Journal is an  Accounting Form used to record all the cash outflow.…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: Which of the following balance sheet items are commonly associated with the purchases and cash…

A: The balance sheet is one of the financial statements of a company, that is, prepared at the end of…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.