Create journal entry to debit accounts receivable

Assignment Help Financial Accounting

Reference no: EM133208307

A client, operating on an accrual basis, has been using the receive payments screen to record payments on account from customers before jobs have been completed and invoices created. at the financial period end, which steps should be taken to account for these credit balances within accounts receivable

Create journal entry to debit accounts receivable, and credit a liability account within the balance sheet. Once saved, the journal entry should be reversed at the beginning of the next period.

Create journal entry to credit accounts receivable to each customer, and debit another asset account within the balance sheet. Once saved, the journal entry should be reversed at the beginning of the next period.

Create invoices to clear the credits. Receive payments with zero total, and match the credits to the invoices. Recreate the invoices at the beginning of the next period.

Create journal entry to debit accounts receivable, and credit unearned income within profit and loss. Once saved, the journal entry should be reversed at the beginning of the next period.

Reference no: EM133208307

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