0
How does rendering of services on account affect the accounting equation?
Wiki User
∙ 13y ago
Rendering services on account increases accounts receivable, as well as equity (retained earnings)
For example, a company has provided cleaning services for an amount of $200; the customer is allowed a three week credit
assets = liabilities + equity
accounts receivable (assets): increases with +200
retained earnings (equity): increases with + 200
+200 = +200
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is the effect of performing services on account on the basic accounting equation?
-liabilites, +stockholder's equity
Services rendered in accounting is what account?
revenue account
What is the basic summary device of accounting?
account or accounting equation
How do withdrawals affect the accounting equation?
Debit Withdraw account and Credit Cash
How do you record an accounting entry services rendered on cash?
[Debit] Cash account [Credit] Services revenue
What is the effect of performing services on account on the basic accounting equation?
-liabilites, +stockholder's equity
Services rendered in accounting is what account?
revenue account
What is the basic summary device of accounting?
account or accounting equation
How do withdrawals affect the accounting equation?
Debit Withdraw account and Credit Cash
How do you record an accounting entry services rendered on cash?
[Debit] Cash account [Credit] Services revenue
Which part of the accounting equation does a sale on account effect?
by sale on account you mean goods sold to the costumer but the cash was not received immediately. the accounting equation for credit sales is to CR the revenue/sales/turnover in your income statement. DR the receivables account on the balance sheet. after the cash is received. CR the receivables account. DR the cash account.
The equality of the accounting equation can be proven by preparing a?
trial balance
Is bank account a real account in accounting?
No bank account is a Personal account in Accounting
Accounting equation and rules of debit and credit?
Accounting equation: Owner's Equity=Total Equity + Revenue - Expense - Equity of creditors Rules of Debit and Credit: Personal account: Debit the receiver. Credit the giver. Real account: Debit what comes in. Credit what goes out. Nominal account: Debit all expenses and loses. Credit all income and gains.
What is the best online accounting service for startups?
There are various types of online accounting services available. For example: bookkeeping, for preparing account receivables, account payables, compilation of financial statements, XBRL statement preparation and many more. It depends on what services you require.you can try these-Accounting Software for Small BusinessBilling and Invoicing Software for Small Business & Freelancers
Accounting Service?
form_title=Accounting Services form_header=Start taking account of your business and saving money with professional accounting services. What type of accounting services does your business need?= [] Tax Preperation [] Audit [] Bookkeeping [] Certified Public Accountant (CPA) [] Other What is your company's annual revenue? (Please enter amount)=_ Briefly describe what your company does:=""
What do you mean by inflation account?
As in accounting inflation is the rise in price of any goods or commodity, which helps accounting to persue the relevant terms & condition according to the market condition.
