what does a creditor account represents in double entry system
Answers
Answered by
4
Explanation:
There are two entries in this situation. One is a debit to the accounts receivable account for $1,500 and a credit to the revenue account for $1,500. This means that you are recording revenue while also recording an asset (accounts receivable) which represents the amount that the customer now owes you.
Similar questions
Chemistry,
2 hours ago
Math,
2 hours ago
Math,
2 hours ago
Physics,
4 hours ago
Math,
7 months ago
Social Sciences,
7 months ago
Social Sciences,
7 months ago