A Credit entry reduces Accounts Receivable
debit cash / bankcredit accounts receivable
Collections on account refer to money collected from customers who have already received goods/services on credit. Hence, the double entry is: Dr Cash Cr Accounts receivable
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
Cash/Bank/Accounts Receivable [Debit] Sales[Credit]
A Credit entry reduces Accounts Receivable
debit cash / bankcredit accounts receivable
Collections on account refer to money collected from customers who have already received goods/services on credit. Hence, the double entry is: Dr Cash Cr Accounts receivable
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
Buyer a/c dr. To Sales a/c. The GAAP shows such an entry as: Account Receivable (debit) $$$ Sales (Revenue) (credit) $$$ This is based on Double-Entry Accounting as standardized by the GAAP. For.buyer's a/c dr. amount to sales a/c amount Accounts-receivable and Sales(sales being in your Results and accounts-receivable in your balance sheet
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
When product sold:[Debit] Accounts receivable[Credit] Sales revenueAdjusted Entry:[Debit] Cash / bank[Credit] Accounts receivable
Debit accounts receivableCredit sales revenue
debit bad debts 42000credit accounts receivable 42000
debit accounts receivablecredit sales