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Money payable by customers (individuals or corporations) to the other entity in exchange for goods or services that have been given or used, but not yet paid for. Receivables typically come in the form of operating lines of credit and are generally due within a comparatively short time period, varying from a few days to a year.
On a public company's balance sheet, accounts receivable is frequently entered as an asset as this presents a legal obligation for the customer to pay cash for its short-term debts
If a company has receivables, this shows it has made a sale but has still to collect the money from the buyer. Most companies function by allowing a little portion of their sales to be on credit. This kind of sales are generally made to frequent or special customers who are invoiced regularly, and allows them to evade the hassle of physically making payments as every transaction takes place. In other words, this is when a customer provides a company an IOU for goods or services previously received or rendered.
Accounts receivable are not restricted to businesses - individuals have them too. People get receivables by their employers in the form of a bi-weekly or monthly paycheck. They are legally paid this money for services (work) already given.
When a company pays debts to its suppliers or other parties, these are referred to as accounts payable.
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
20 hypothetical inventory transactions both sale and purchase
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How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
Q. What do you mean by Inventory turnover? Inventory turnover -- a ratio which indicates amount of inventory a company uses tosupport a given level of sales. Formula is: Invent
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $
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Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
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