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if A customer paid you an amount due on account. What would be the proper debit...

if A customer paid you an amount due on account. What would be the proper debit and credit in the journal entry?

Business   Accounting   
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Answer #1

Answer:

When goods are sold or services are provided on account to the customers the entity should debit the accounts receivable & credit with the amount of goods sold or services provided on account.

later on, if customers paid the amount due on account then the entity should credit the accounts receivable & debit the cash with the amount received from the customers.

Therefore, If A customer paid you an amount due on an account then journal entries should be as follows:

Transactions Debit Credit
Amount received from customers due on account Cash/ Bank Accounts receivable
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