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No.
Accounts receivable is the total amount people owe your business, a debtor and should be kept on your balance sheet.
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If the amount of uncollectible account expense is understated at year end?
net Accounts Receivable will be overstated.
Who of the following accounts would be closed at the end of the accounting period?
Accounts receivable
ABC Company has an average collection period of 60 days Total credit sales for the year were 3000000 What is the balance in accounts receivable at year-end?
$500,000
Why is there a need to close of the temporary accounts at the end of the year?
for how thhe covid-19
When the sales jounal's column for accounts receivable and sales is totaled at the end of the month its total is posted where?
revenue
What are the accounting journal entries to record for sales to customers on credit terms?
Depending on the credit terms, the accounts used may vary slightly but it is a basic entry. If the credit terms are where the account will be paid off in one year or less the accounts are: Account Receivable (debit) Revenue (credit) If the terms end up being more than one year then the only account that changes is the accounts receivable and you use Notes Receivable. Notes Receivable (debit) Revenue (credit) *note, some companies may list revenue as Sales, Sales Revenue, Income, etc. For general purposes Revenue is most commonly used. (GAAP)
Do you close out accounts payable at the end of the year?
In answer to your question: no. Accounts Payable is the total amount you owe to your creditors, therefore it is a liability and should be left on your balance sheet.
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.
What are the accounting entries of rent receivable that is prepared in the next financial year?
Adjusting entries are the accounting entries of rent receivable that are prepared at the end of the financial year. As a result, adjustments are made for the new financial year based on the previous year.
What is bad debt expense if The company estimates that of the 40000 in accounts receivable outstanding at year-end 5200 probably will not be collected?
5200 is a bad debt expense as company has estimated that it is possible that company will not be able to receive that amount from debtors.
A firm has sales of 1.2 million and 10 percent of the sales are for cash The year-end accounts receivable balance is 180000 What is the average collection period using 360 day year?
average collection period= accounts receivable/daily credit sales %10 of 1.2 million = 120000 = sales for cash 1.2m-120000=1.080000=sales on credit ( divide by 360 to find daily credit sales) ACP=180000/(1080000/360)= 60 days
A firm has sales of 1.2 million and 10 percent of the sales are for cash. The year-end accounts receivable balance is 180000. What is the average collection period using 360 day year.?
average collection period= accounts receivable/daily credit sales %10 of 1.2 million = 120000 = sales for cash 1.2m-120000=1.080000=sales on credit ( divide by 360 to find daily credit sales) ACP=180000/(1080000/360)= 60 days
