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1 year ago

What type of transaction is recorded when a customer pays via a payment link?

Business

1 answer:

arsen [322]1 year ago

7 0

The type of transaction that is recorded when a customer pays via a payment link is:

Sales Receipt

<h3>What is a Sales Receipt?</h3>

A sales receipt is a confirmation of payment. After a given amount is deposited for a good or service, the system automatically generates a confirmation of the transaction. This is called a sales receipt.

The sales receipt can be screenshot as proof of payment.

Learn more about sales receipts here:

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oksano4ka [1.4K]

Answer:

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Step 1.

Preparation of adjusted Cash Book

Balance as at July 31, 2016 = $40,293

Add: bal. of Deposit by credit customer = ($3,100 - $310) = $2,790

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Step 2. Bank reconciliation statement

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Compared to Adjusted Cash Book = $37,433

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Step 3.

Journal entries required

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Credit Account Receivables with $2,790

(Under recorded Customer deposit on sales)

Debit NSF expense = $1,750

Debit Loan Account with $2,900

Debit interest on Loan Account with $970

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Explanation:

A bank reconciliation statement is presented to reconcile a 3rd party (Bank) statement of our Account and the Account maintained by the business in house.

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