Accounts Receivable

Usually sent along side the the ordered item.

What does it mean for a customer if they purchase $250.00 worth of supplies on the 3rd day of the month and the terms are Net 30 Days?

• First in, first out (fifo) is a stores/stock-keeping policy which moves the oldest stock out first, before moving newer stock out into the production lines or on to the shelves for selling to the... Advantages are the upside of something whereas disadvantages are the down side eg. An advantage of having a car is that you can travel large distances quickly and a disadvantage would be fuel costs.
• .

what is external liability all debts that are external from the business eg. bank loan,bank overdraft,

the payment is good 30 days that happens to fall on the 3rd day of the month

no impact

yes

A corporation's creditors usually do not be past the assets of the corporation to satisfy their claims. The most a stockholder can lose financially is the amount he or she invested.

Yes current liability is that liability which is payable within one fiscal year otherwise it is that portion of long term liability which is payable within one year remaining portion will be long term liability.

• Where an overdue account showing on your file has been paid but not updated, call the credit provider and request they contact the credit agency to make the correction. Your file will be updated within five days of the credit provider notifying them that the account is paid.
• Where an overdue account is showing that is not yours call the credit provider and give them the applicable reference number so they can investigate. If justified, the credit provider will then inform the credit file company and the incorrect data will be removed.
• In cases where you are disputing an overdue account with a credit provider, full details of the dispute can be forwarded to the credit agency they use. This action allows for the entry on the credit file to be marked 'disputed' until the matter is resolved.
• Sometimes you may have innocently forgotten to pay an account. Some people find themselves in the situation of finding out they have a default on their file from a phone connection that was in their name many years ago, and they have since moved out leaving the co-renters or new tenants with the phone connected. If they do not pay the account and the connection is still in your name; you are still responsible for the payment of the account.
• Many people find themselves short of money, and simply can not afford to pay the account, and then forget about it, and ignore the 'overdue' letters that come. You may be unaware that the creditor has listed a default against you, and when you next apply for a loan you may be declined because of it. The sooner you pay the default and have it listed as paid, the healthier your credit file will be.

Describe the data which will be used to prepare the account receivable aging report

When goods purchased on credit it creates accounts payable and instead of waiting for actual payment time, creditors ask the company to issue a bill which they can use to fulfill their cash needs and hence in this way accounts payable changes into bill payables.

acoounts receivable and capital

If you render a service n account to a customer you debit Account Receivable and credit Service Revenue.

Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).

Accounts Payable

The terms of the invoice will determine the amount of time that it takes for an account receivable to be considered delinquent. Often many organizations have terms that require payment within 30 days. It would become delinquent the day after it is due.

Equipment Repair Expense

Unearned Revenue is a Liability Account

Breakeven point = Fixed Cost / Contribution margin

Contribution margin = (Sales - Variable cost) / Sales

always affectsa balance sheet and an income statement account

FALSE!

accounts receivable