What is an account?
One definition of an account is a record in the general ledger that is used to collect and store debit and credit amounts. For example, a company will have a Cash account in which every transaction involving cash is recorded. If the company sells merchandise for cash, the Cash account will be debited and the Sales account will be credited.
Another definition of an account is a record of a customer relationship. For example, if a company sells merchandise to a customer on credit, there seller will have an account receivable and the purchaser will have an account payable.
The term on account means not for cash. For example, if a company purchases merchandise with the terms net 30 days, it means the company has 30 days in which to pay.
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Plz help me ways to journalse the datas? Send ways to journalise.I will be very helpful.Thank U.
You can learn about recording transactions in the general journal by reading the Explanation of Debits and Credits on AccountingCoach.com. There are also Drills to help reinforce your knowledge. It’s free to read.
One definition of an account is a record in the general ledger that is used to collect and store debit and credit amounts. For example, a company will have a Cash account in which every transaction involving cash is recorded. If the company sells merchandise for cash, the Cash account will be debited and the Sales account will be credited.
Another definition of an account is a record of a customer relationship. For example, if a company sells merchandise to a customer on credit, there seller will have an account receivable and the purchaser will have an account payable.
The term on account means not for cash. For example, if a company purchases merchandise with the terms net 30 days, it means the company has 30 days in which to pay.
thanks! for sendding essential references.
what is an account
what is a suspense entry
An account is the record of all business transaction. if we say business transaction is the transaction that take place between two person a buyer and a seller(creditor and a debtor)
sir i belongs to bsc strem so plz me to understand about accounts
i am a postgraduate student of commerce i request you to send the latest accounting and business information for me in the above address thank you
Pl explain briefly with example the following
1. marchandise inventory account. 2 Sales account. 3 Receivables account. 4 Cost of goods sold account. 5 profit and loss account
I think accountant such as science that there are rulesandart
What’s useful of Accounting in the organization?