Ask Question
BusinessBusiness
8 September, 13:28

When the seller is paid, the customer's payment is credited or debited?

+4
Answers (2)
  1. 8 September, 13:39
    0
    Credited.

    When a customer purchase any product or service, he pays to the seller of that product or service. He is giving money to the seller in exchange of that product or service. So while making financial statements, whenever money flows out of the account, the account is credited with that amount. Similarly whenever money flows in to the account, the account is debited with that amount.

    However in real bank transactions, it is done exactly opposite of what is being read in financial books. When money flows in, account is credited and when money flows out, account is debited.
  2. 8 September, 13:51
    0
    depends on what type of card you use.

    is it a debit or credit card?
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “When the seller is paid, the customer's payment is credited or debited? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
10. Asset valuation Andrew and Beth are building their portfolios. Andrew purchases shares in a mutual fund and pays fees to a manager who actively manages the mutual fund's portfolio.
Answers (1)
controls ensure that valuable business data files on either disk or tape are not subject to unauthorized access, change, or destruction while they are in use or in storage.
Answers (1)
The managers who appear at the base of the management pyramid are a. line managers. b. middle managers. c. supervisors. d. executives.
Answers (1)
On March 15, American Eagle declares a quarterly cash dividend of $0.060 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 223 million shares.
Answers (1)
On February 1, 2021, Sanger Corp. lends cash and accepts a $7,000 note receivable that offers 20% interest and is due in six months. What would Sanger record on August 1, 2021, when the borrower pays Sanger the correct amount owed
Answers (1)
New Questions in Business
What term refers to a set amount of money kept in the cash register to make change with? A. Excess cash B. Standard cash stock C. Cash drop D. Cash float
Answers (1)
Torres travel's stockholders' equity at the beginning of march 2014 was $200,000. during the month, the company earned net income of $50,000 and paid dividends of $10,000. at the end of march 2014, what is the amount of stockholders' equity?
Answers (1)
In the Keynesian model, it is assumed that, when demand for a firm's product changes, the firm: A. changes prices to meet the demand. B. changes production levels to meet the demand. C. changes prices and production levels to meet demand. D.
Answers (1)
If you purchased a camera in Britain for 100 pounds what would be the price in U. S. dollars if one pound is worth 1.40? A:71 B:100 C:140 D:1400
Answers (1)
Gontier corporation stock currently sells for $64.18 per share. the market requires a return of 12 percent on the firm's stock. required: if the company maintains a constant 5.
Answers (1)
Home » Business » When the seller is paid, the customer's payment is credited or debited?
Sign Up Forgot Password?