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A retainer receivable refers to an amount of money that a client pays in advance to a service provider to secure their services for a specified period. This amount is recorded as an asset on the service provider's balance sheet until the services are performed, at which point it is recognized as revenue. Retainers are commonly used in professional services, such as legal or consulting work, to ensure that the provider is compensated for their time and expertise.
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What is the difference between Receivable and account Receivable?
Account receivable are usually currant assets that arise from selling merchandise or providing services to customer on credit . Accounts receivable are also known as trade receivable . receivable is the term that refers to both trade receivable and non trade receivable . By Mr safiullah Zarif
Is income tax receivable a trade receivable?
nontrade
What are average accounts receivable?
what is average account receivable
What is the nature of account receivable?
Account receivable is an asset
Prepare general journal entries for the following transactions of this company for the current year?
DateItemDebitCredit25-AprNotes Receivable$4,500Sales$4,50024-JunInterest Receivable$75Interest Revenue$7524-JunAccounts Receivable$4,575Notes Receivable $4,500Interest Receivable$75
What is the difference between Receivable and account Receivable?
Account receivable are usually currant assets that arise from selling merchandise or providing services to customer on credit . Accounts receivable are also known as trade receivable . receivable is the term that refers to both trade receivable and non trade receivable . By Mr safiullah Zarif
How will a retainer work?
See, What will a retainer do.
How calculate accounts receivable turnover ratio?
the formula of calculating account receivable turnover = Net Sales/ average gross receivable
What is the nature of account receivable?
Account receivable is an asset
Is income tax receivable a trade receivable?
nontrade
What is the amount collectible from a customer?
Accounts Receivable
What are average accounts receivable?
what is average account receivable
Prepare general journal entries for the following transactions of this company for the current year?
DateItemDebitCredit25-AprNotes Receivable$4,500Sales$4,50024-JunInterest Receivable$75Interest Revenue$7524-JunAccounts Receivable$4,575Notes Receivable $4,500Interest Receivable$75
How do you calculate accounts receivable turnover rate?
Net Sales / Average Accounts Receivable = Account Receivable Turnover
Why is accounts receivable an assit?
Because accounts receivable is that amount which is receivable from customer due to sales of goods on credit.
Are notes receivable liability?
NO, notes receivable is an asset and are listed as such. A receivable is something the company expects to collect over time, account receivable is the account used for accounts that will be paid for in a year or less, while a note receivable is used for ones that are expected to take over a year to pay. Both Accounts receivable and Notes receivable are assets and are listed on the Balance Sheet as such. (GAAP)
Receivables are usually listed on the balance sheet after Cash in what order?
Cash, Notes Receivable, Accounts Receivable, Interest Receivable.
