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Bookkeeping Question:
I need to make a jounal entry to clear an account and am just not sure how to do this. For example: My balance sheet shows $1000.00 and my A/R aging shows $950.00. What do I credit and what do I debit to make this right? I realize my accounts my differ from others, so I'm just looking for basic expense or income answers. Thanks!

Submitted: 150 days and 19 hours ago.

Category: Finance

Value: $15

Status: CLOSED

Posted by RD 150 days and 19 hours ago.

Answer

What is the cause for the difference?

Depending on the cause - if the balance sheet A/r balance needs to be corrected than the entry will be

Discount Dr or Sales returns Dr or Cash/Bank(if amount already received but not recorded) Dr

A/R Cr

150 days and 16 hours ago.

Reply

Thank you very much for responding. I'm not sure why the difference as I am not an accountant and have little experience in that. The error seems to have been made some time ago and I haven't been able to track the cause exactly since the data has been condensed since then. I'm trying to get it to a corrent starting point. This is a daycare environment and I have no idea how to get it there. Can I just credit make a journal entry to adjust it? If so, where would you suggest?

Accepted Answer

Yes, if that is the case- you can adjust it to the A/R aging summary.

You will record an entry to

Discount or Misc. Refunds Dr

A/R Cr

Accepts:
Expert:	RD
Pos. Feedback:	99.3 %
Answered:	6/24/2009

Certified Public Accountant (CPA)

MBA, CPA

150 days and 16 hours ago.

Reply

Your the best! Thank you.

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Answer

What is the cause for the difference? Depending on the cause - if the balance sheet A/r balance needs to be corrected than the entry will be Discount Dr or Sales returns Dr or Cash/Bank(if amount already received but not recorded) Dr A/R Cr

Reply

Accepted Answer

Yes, if that is the case- you can adjust it to the A/R aging summary. You will record an entry to Discount or Misc. Refunds Dr A/R Cr

Reply

Your the best! Thank you.

Related Finance Questions

What is the cause for the difference?

Depending on the cause - if the balance sheet A/r balance needs to be corrected than the entry will be

Discount Dr or Sales returns Dr or Cash/Bank(if amount already received but not recorded) Dr

A/R Cr

Yes, if that is the case- you can adjust it to the A/R aging summary.

You will record an entry to

Discount or Misc. Refunds Dr

A/R Cr