Hello in this presentation we will record transactions related to accounts receivable recording the transactions using the double entry accounting system in the format of the accounting equation that equation of assets equal liabilities plus equity objectives at the end of this we will be able to list at transactions involving accounts receivable and record transactions involving accounts receivable using the accounting equation. We will go through some examples of the accounting equation and recording transactions related to accounts receivable quick review of the accounting equation we have assets equal liabilities plus equity as the accounting equation. We then need to start memorizing those accounts that fit into those subcategories of assets, liabilities and equity.
Posts with the receivable tag
Financial Transaction Rules 155
Hello in this presentation we will be discussing the transaction rules financial transaction rules as they relate to recording financial transactions with regard to the accounting equation. At the end of this, we will be able to list transaction rules explained our reasons for the transaction rules and apply transaction rules to recording financial transactions. First rule, at least two accounts will be affected. It’s going to be whenever we record any transaction and whether we’re talking about a transaction for recording payroll record an accounts receivable, recording accounts payable, all those normal things that the accounting department does on a day to day basis.
Unearned Revenue Reversing Entry 10.55
This presentation and we will enter a reversing entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to be opening up our old reports down here on the bottom left, the standard reports that being the balance sheet report. First, we’re going to be changing the dates up top from 1120 to the cutoff date 1120 to 2920 February 29 2020. We’re going to run that report. Right click on the tab up top, duplicate the tab up top, go to the tab to the left, go down to the reports on the bottom open up the other favorite report bad being the P and L Profit and Loss income statement where they’re going to be changing the dates up top for it from oh one it won’t let me do it. Why isn’t it let me do it. It’s gonna be a 1012020229 to zero.
Unearned Revenue Adjusting Entry 10.45
This presentation and we will enter and adjusting entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s open up our reports by going to the reports on the left hand side, we’re going to be opening up our balance sheet First, the balance sheet, the favorite record, we’re going to go back up top, we’re going to be changing the dates up top that being from a 10120 to the cutoff date of Oh to 29 to zero, we’re going to run that report, we’re going to right click on the tab up top so we can duplicate that report.
Accounts Receivable Reversing Entry 10.35
In this presentation, we’re going to take a look at an accounts receivable reversing entry. So the story goes like this, we had an invoice that was entered into the system in March after the cutoff date, we pulled it back before the cutoff date. So that income was reported correctly as of the cutoff date, which is going to be February 29. Now we’re going to do a reverse in entry, so that everything is correct and the following period in February as of the date of the original invoice. Let’s get into it with Intuit QuickBooks Online.
Customer Payment & Deposit 8.55
In this presentation, we will record the customer payment for invoices that had been issued in the past, then we’ll take that money and put it into the bank recording a deposit with it. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at a flowchart on the desktop version real quick to see what our objective is, we’re going to be entering a receive payment. So in the past, we had entered and invoice and that increased the accounts receivable and the bill that’s basically a bill to the customer. Now we got the money.
Advance Customer Payment or Deposit 8.45
This presentation we will record an advanced payment or a customer deposit. In other words, we’re going to receive a deposit in advance for a guitar that we’re going to provide in the future. Let’s get into it with intuits QuickBooks Online. Here we are in our get great guitars file. Let’s first take a look at a flowchart. I won’t spend as much time on it because we seen it in the past what we really want to do here is put that negative receivable on the books which will be dealing with in our adjusting entry process later. The process here note that the normal accounts receivable processes to have an invoice and then we’d receive the payment then we make the deposit here we’re going to say someone came into our shops as they want a guitar.
Apply Credit Or Advanced Payment to Invoice 8.35
This presentation and we’re going to apply a credit or an advanced payment to an invoice. In other words, we got paid in advance by a customer recorded that into the system. Now we’re going to create an invoice and apply that event advanced payment to it. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at our flowchart in the desktop version.