About the accounts receivable

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Reference no: EM13775253

Accounts Receivable

Mary matches the sales order marked "shipped to her copy of the sales order. She then prepares a two-part invoice and mails the original to the customer. She records the sales in the sales journal and the receivables in the subsidiary ledger. Mary files by date her copy of the invoice with her copy of the sales order and the shipping documents.

During the summer season, Mary’s Sunshine often has difficulty in shipping customer orders in a timely manner. Supplier delays in delivery to Mary’s Sunshine and increased volume cause delays in outgoing shipments. At the end of some months, Mary prepares and mails customer invoices ahead of actual shipment. She claims this practice more closely matches revenues and expenses. As usual, Mary records the sales in the sales journal and in the accounts receivable subsidiary ledger.

Once per month, Mary prepares a listing of delinquent customers that she sends to the salespeople. They are responsible for collecting the overdue amounts.

Reference no: EM13775253

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