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Tell me how does customer invoicing relate to the accounts receivable? What is an Asset? What is a Liability? Define a journal entry?
Answers:
Answer #1Be prepared to succinctly and clearly define all accounting related terms and explain their interdependence.
Answer #2Customer invoices generate after the sales and we Receive money from sales. We consider Bank or Cash As an Assets. The gen entry will be
Bank A/c Dr.
Sales A/c cr.
The Asset are the items which a company owe and can provide a future economic value.
Liabilities: In short term liabilities take money out from your pocket.
Bank A/c Dr.
Sales A/c cr.
The Asset are the items which a company owe and can provide a future economic value.
Liabilities: In short term liabilities take money out from your pocket.
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