When the contract is completed, the account Customer Deposits will be debited for the amount of the down payment, the sale will be recorded with a credit, and Cash or Accounts Receivable will be debited.
What is the entry for the down payment from a signed contract?
- What is the entry when a contract is signed?
- Where is a contract with a customer reported on the balance sheet?
- Why does commitment and contingencies appear on the balance sheet without an amount?
- What is a lump sum payment?
- What does it mean to amortize a loan?
- Why isn't a key employee reported as an asset on the balance sheet?
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