Chapter 7-9 & 11 Review

[@gbaca07]

Thank you for your videos. You did not explain what collections is? Collections is for people with credit cards that owe money? What does it mean here? i don't know what you mean by collections. is collections allowances?

[@stevenforce3344]

Collections means we are receiving cash from customers who owed us money. Think of it as a customer put a purchase "on their tab" and now they are paying us that money that they owed. Hope this helps!

[@sEgeN111]

Can u show a demonstration on how to decrease the fund after reimbursement from $100 to $75? Would it be a reversing entry? I understand how to increase the funds but just want clarity on how to decrease funds

[@stevenforce3344]

If you wanted to decrease the fun from $100 down to $75, it would just be the opposite of the "increase" journal entry. So, you would debit Cash $25 and credit Petty Cash $25.