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An account receivable is the account used by a company to record money owed to them by a customer or other entity that will be paid in a short period of time, less than a year.
For example, a company sales a computer to a customer and the customer is going to pay the company in 30 days, the company records this transaction to accounts receivable and revenue (income).
What else can I help you with?
When is bad debt removed from accounts receviable?
When bad debt amount is recovered then it can be removed from accounts receivable as receivables.
When a note is received from a customer on an account it is recorded by debiting account receviable and crediting notes receivable?
When a note is received from a customer, it signifies a formal agreement for payment, typically with interest. The accounting entry involves debiting Accounts Receivable to decrease it, as the amount owed by the customer is now represented by the note. Simultaneously, Notes Receivable is credited to recognize the new asset created by the received note. This reflects the transfer from a more general account (Accounts Receivable) to a more specific one (Notes Receivable).
What does Vertified Account mean?
that means you can use your account
What does Account Description mean?
Account description varies from place to place. For instance, an account description for a gas account would mean the unique name that you create for each payment.
What Does Bank Account Name mean?
It is the name of the account holder
What is the difference between gas sales and Accounts Receviable sale of gas?
Accounts receivable - is fuel bought 'on account'. Those buying with this method are usually required to settle their balance at the end of each month.
When is bad debt removed from accounts receviable?
When bad debt amount is recovered then it can be removed from accounts receivable as receivables.
How long does a business have to keep Accounts Payable and Accounts Receviable files?
before credit limit of the suppliers
When a note is received from a customer on an account it is recorded by debiting account receviable and crediting notes receivable?
When a note is received from a customer, it signifies a formal agreement for payment, typically with interest. The accounting entry involves debiting Accounts Receivable to decrease it, as the amount owed by the customer is now represented by the note. Simultaneously, Notes Receivable is credited to recognize the new asset created by the received note. This reflects the transfer from a more general account (Accounts Receivable) to a more specific one (Notes Receivable).
What does account duration mean in a loan?
what does account durration mean when getting a loan
What does it mean when a YouTube account is unavaliable?
It could mean that you have typed the Youtube account in wrong, that the user has deleted their account, or that their account has been banned from the website.
What is mean by accounthing?
what is mean by account
What does conduct account analysis mean?
conduct of account
What does Vertified Account mean?
that means you can use your account
What does credited 2 your account mean?
Added to your account.
What does it mean to use this as account default?
It means to use 'this account' as your main account.
What does ITF internal transfer of funds mean on a bank account?
what does itf mean on a bank account
