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Accounting > Receivables/Payables > Flashcards

Receivables/Payables Flashcards

1
Q

what 3 ledger accounts are affected when sold on credit?

A

sales, bank, trade receivables

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2
Q

what are contra entries?

A

its netting off balances that are owed to and from that individual (e.g. if he is the supplier AND the customer)

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3
Q

double entry: contra entry

A

Dr trade payable

Cr trade receivable

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Accounting (20 decks)

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