What would you like to do?
When a payment is received from a customer the adjusting entry is really simple. Cash has to be adjusted for the amount received since the company is actually receiving cash. …Accounts recievable will also be adjusted to show payment was received. For example if the payment was in the amount of $500, you would want to Debit Cash and Credit Accounts Receivable, both for that amount of $500.
Correct Answer: | not affect total assets.
How much would a customer receive when the customer wishes to close the accounts that he has two accounts with bank A one with a debit balance of RM2000 and the other a credit balance of RM3000?
Customer will raceive RM1000 as a net balance receivable from bank
payment from customers
Because money is being received from customer we are not owing.
Accounts receivable is a debit. Answer: Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company …owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it. Assets = debit balance (increase with debit, decrease with credit) Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit) (GAAP)
debit to cash and credit to accounts receivable
increase asset (cash) decrease asset (receivable), no effect on bottom line, just assets held in different buckets
"what accounts are affected and how when a payment on account is received from a customer
Those payments are referred to as "premiums". The premiums are paid in return for the insurance company's promise to pay the face amount of the insurance upon the death of the… person insured. The premiums charged by an insurance company are required to be "actuarially sound". This means that the premiums collected for all policies of a particular type and covering similar kinds of risks (for example, people with no health problems), together with income earned on the premiums, has to be enough to pay expected losses. Insurance companies are permitted by the laws of the states in which they do business to invest a part of premiums collected in conservative investments. The earnings on those investments adds to the "surplus" of the insurance company and helps to keep it financially sound. In turn, the number of policies that the company can issue (its "risk exposure") is a finction of its surplus and certain other factors specified by the insurance laws of the states in which it operates. A certain amount of the premiums are also applied to the ongoing business expenses to operate the company.
Accounts receivable in an asset account and normally maintains a debit balance. So the answer is Yes.
commission is an asset
bill receivable a/c cr to customer a/c
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then …the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.