Form Assignment Accounts Receivable With Credit Card In Philadelphia
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Yes, accounts receivable can have a credit balance, though it's not the norm. It often results from customer overpayments or billing issues. Properly managing these credit balances ensures smooth financial operations and maintains clear communication with your customers.
Credit Cards as Liabilities The balance owed on a credit card can be treated either as a negative asset, known as a “contra” asset, or as a liability.
Credit Cards as Liabilities The balance owed on a credit card can be treated either as a negative asset, known as a “contra” asset, or as a liability. In this article we'll explore the optional method of using liability accounts, however, there are several advantages to using the Contra Asset Approach.
To write-off the receivable, you would debit allowance for doubtful accounts and then credit accounts receivable. The visual below also includes the journal entry necessary to record bad debt expense and establish the allowance for doubtful accounts reserve (aka bad debt reserve or uncollectible AR reserve).
An accounts receivable journal entry is the recording of an accounts receivable transaction in the business's accounting records. It is an essential step in properly documenting this financial activity. Accounts receivable is an accounting term that refers to sales for which payment has not yet been received.
Therefore, when a journal entry is made for an accounts receivable transaction, the value of the sale will be recorded as a credit to sales. The amount that is receivable will be recorded as a debit to the assets. These entries balance each other out.
To create a journal entry for accounts receivable, you can follow these steps: Record the details of each transaction. To create an accounts receivable journal entry, you enter the details of each financial transaction. Record the debit amount. Record the credit amount.
The current rates for the Business Income & Receipts Tax (BIRT) are 1.415 mills ($1.415 per $1,000) on gross receipts, and 5.99% on taxable net income. The BIRT is based on both gross receipts and net income. Both parts must be filed.
You can also request an extension to file your PA State return at and the City of Philadelphia generally grants an extension to those who have been granted an extension to file their federal income tax returns.
To file a claim against the City for bodily injury, auto, and property damage, you must complete the General Claim Form. To file a claim against the Philadelphia Water Department (PWD) for only property damage, you must complete the PWD Claim Form.
