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A cash refund to a debtor has been enterd on the Dr side of the sales ledger control account. The sales ledger debit balance is £6007 bu the sales ledger control account debit balance is £5896 a difference of £111. This is the same as the cash refund to the debtor Mr Green, it has bee suggested...
I do bookkeeping for a company that owns a store. The owner currently enters the sales each day as journal entries. He debits the sales tax in an income account and credits it in sales tax payable. This should not be in an income account on the P& L, so which account does it need to go to? ...
Why would the allowance for doubtful accounts have a credit balance before the adjusting entry? If you estimate the write-off, don't you write-off that amount? Example: Year 2008 credit sales 8,700,000 Ada credit balance 32820 Using 1/4 of 1% So the estimate would be 21,750, then would I...
Accounts receivable arising from sales to customers amounted to $35k and $40k at the beginning and endof the year, respectively. Income reported on the income statement for the year was $120k Exclusive of the effect of tother adjustments, the cash flows from operating activities to be reported on...
The following question is on a take-home quiz. I am perplexed! Could someone help and explain why one of the following answers is correct? A debit to Sales Returns and Allowances and a credit to Accounts Receivable: 1 Reflects an increase in amount due from a customer. 2...
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