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True and it shown as asset on Balance Sheet.
True...and Journal Entry will be
Receivable a/c dr
to Revenue a/c
When you sell goods or services to customer on credit, it will liability for the customer & asset for your company, this is called accounts receivable
true
TRUE, Accounts Receivable when you sell goods on credit.
when goods sold on credit it will be receivables to company
True
Journal Entry would be
Dr Accounts Receivable
Cr Sales
True , It will shown as asset ( +AR ) in the Balance sheet
and the Journal will come like
Dr AR ( S Dr )
CR Income ( Product )
This is a true statement, Since selling goods on credit means that the customer would pay at a future date Dr Account Receivable, Cr Revenue. Instead of Dr cash, we Dr Account Receivable to show that the money is not yet in the bank but would expect to be on the bank in the future.