Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.
Sale of goods and services is a revenue and not accounts receivable.
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
No it's current assets
Accounts Receivable - Debit Service Revenue - Credit
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Dr Cash at Bank $5000Cr Accounts receivable - MK Kapital $5000(To record payment from debtor/accounts receivable - MK Kapital)
Yes, it is, but accounts receivable is not.
the formula of calculating account receivable turnover = Net Sales/ average gross receivable
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
No it's current assets
the debit will be to the accounts receivable because a debit increases it. the offset account in this entry is usually a revenue account. so therefore a credit to revenue.
Debit accounts receivableCredit sales revenue
Accounts Receivable - Debit Service Revenue - Credit
[Debit] Accounts receivable xxxx [Credit] Sales revenue xxxx
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Dr Cash at Bank $5000Cr Accounts receivable - MK Kapital $5000(To record payment from debtor/accounts receivable - MK Kapital)
[Debit] accounts receivable [Credit] Sales revenue
Debit Accounts receivable / cash Credit Sales revenue