Accounts Receivable are the amounts due to the entity from its customers. The straightforward answer to the question, 'Is accounts receivable a Liability or asset' is -it's an asset. Further, Accounts Receivable is a broad term. So, let's try to peel off each layer of … [Read more...] about Is accounts receivable a liability or asset?
Accounting
Cheque received journal entry
The Cheque received journal entry is to account for the bank receipts. Such receipts primarily will be from the debtors. However, there will be receipts from the other transactions as well. Such examples are added below for reference Receipts relating to 1. Insurance … [Read more...] about Cheque received journal entry
Journal entries questions and answers
Journal Entry is an accounting equation to record GL Accounts on debit and credit sides depending on the nature of the financial transactions. Golden Rules of Accounting forms the basis for deciding which GL account needs to be debited or credited. So, we will start with some … [Read more...] about Journal entries questions and answers
Paid for Carriage Journal Entry
Carriage is an shipping expense. Such Carriage can be What does Carriage here mean? Expenses incurred for the Why to incur these expenses? To bring in the goods from suppliers or delivering goods to its customers. All these are Carriage expenses. … [Read more...] about Paid for Carriage Journal Entry
What is Contra Entry in accounting?
Before proceeding into the topic of What is Contra Entry in Accounting, lets understand some foundation topics. Contra Entry is a journal entry that records cash and/or bank account transactions. The accounting treatment of this entry does not change the balance at the financial … [Read more...] about What is Contra Entry in accounting?