journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on a balance sheet please. 1. advanced $10,000 cash to an officer 2. person from question 1 cant pay in 39 days window and has issued a 64000 note to us 3. received a promissory note of 57000 for sale of inventory
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on a balance sheet please.
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