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Define account payablereceivable and how to techinical tretment in account?
Wiki User
∙ 12y ago
Account Recieveable: It is the person to whom you sale goods on credit and amount is recieveble to some future time
Account Payable: It is the person from which you purchased goods on credit and agreed to pay in future.
Accounting Entries:
Account Recieveable:
When good sold on credit
Accounts recieveable
Sales
When receive the amount
Cash/Cash Equivalent
Accounts Recieveable
Accounts Payable:
When goods purchased on credit
Purchases
Accounts payble
When payment made
Accounts payble
cash/cash equivalent
Wiki User
∙ 12y ago
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