Accounts Receivable

Buyer a/c dr.

To Sales a/c.

The GAAP shows such an entry as:

Account Receivable (debit) $$$

Sales (Revenue) (credit) $$$

This is based on Double-Entry Accounting as standardized by the GAAP.

For example, say you sold a computer to a customer on credit for $1500, the journal entry would read

AR (debit) $1500

Revenue (credit) $1500

Some companies use the term Sales, Revenue, and even Income. Which generally refer to the same thing.

If you dont. Your mom will grow balls.

i have the same question!

Money owed by customers (individuals or corporations) to another entity in exchange for goods or services that have been delivered or used, but not yet paid for. Receivables usually come in the form of operating lines of credit and are usually due within a relatively short time period, ranging from a few days to a year.

I work in Accounts Receivable and I make $12.50 an hour.

It is classified as Long term, if you will receive them more than a year.

account receivables reflects those amount which the company has sold and payment for that sold items has not yet recieved so that amount will be booked as account recievables

An invoice number is a number assigned to an invoice. An invoice number is assigned to make an invoice easier to locate and find information on. An invoice number may or may not be the same as the order number, usually not.

An order number is assigned to a purchase when it is made (such as an online order), upon shipment of the order an invoice completed (an itemized statement of the product(s)) and at this point the customer generally will refer to the "invoice" number when inquiring about their purchase.

MRP is an abbreviation used for many different things. Some things include manufacturing resource planning, marginal revenue product, material requirements planning, and maximum retail price.

VAT Control accounts are a nominal account used to track amounts of VAT payable and reclaimable by a business during its normal activities. For each purchase and sale an amount equal to the VAT due or receivable in respect of the transaction will be applied to the account. Reviewing the account balance will show the current total liability to HMRC, although that balance may be more than is actually payable if there is a VAT return due.

It's a part of a satellite system. -- but this statement is nearly useless without any additional information.

PO in business terms means Purchase Order.

A purchase order is a document produced by the buyer, stating the intent to buy an item and sets forth expectations for quantity, delivery, price, etc

Expansion, example the railway tracks. This is because when the metal expands on hot days, the track doesn't bends

The adjusted trial balance is a document that shows the total amount of debit balances against the total amount of credit balances. This is not considered a financial statement since it is only used as an internal document.

It means you pay on the 25th of each month

It is not known who invented the general ledger but use of it can be traced back to Genoa in 1340. General ledgers are used in accounting.

can't happen man. When u sell on credit accounts receivable have to go up because you are getting paid in the future.

asset

To prove that you are dependable, reliable, and responsible.

Balance Sheet

It is a payment term, and usually means that the total amount will be paid 60 days after the end of the month in which the invoice is dated. For example, January dated invoices will be paid on April 1, and February invoices will be paid about April 29. As you can see, it is to the buyer's advantage to have this term, as it can have an effective range of 60 to 90 days to pay for the purchase.

It is a complete set of accounts for a business entity

Hi, Modified Jones Model which is recognized by name a type of old Jones Model that can very useful for measuring nondiscretionary accruals within a regression.