Asked by Keyara Lewis on May 27, 2024
Verified
What is accounts receivable?
A) Amounts a customer owes our business from a credit sale where the customer promises to pay later.
B) Amounts a customer has already paid us and the receivable represents discounts we will pay our customers at a later date.
C) Amounts a customer will pay us at a later date only if we provide a service or product to them.
D) Amounts we must return to our customer if they pay us within a specified period of time.
Accounts Receivable
Accounts receivable is the money owed to a company by its customers or clients for goods or services that have been delivered but not yet paid for.
Credit Sale
A business transaction in which the purchaser buys goods or services on account, agreeing to pay the seller at a future date.
Pay Later
A type of payment arrangement allowing the purchaser to buy goods or services and defer payment to a future date.
- Grasp the concept and accounting treatments of accounts receivable within QBO.
Verified Answer
Learning Objectives
- Grasp the concept and accounting treatments of accounts receivable within QBO.
Related questions
Which of the Following Is NOT True Regarding Accounts Receivable ...
Which Is True Regarding the Collectability of Accounts Receivable ...
All the Outstanding Amounts Still Due from a Patient or ...
Charges Deemed Uncollectible by Any Business ...
A Characteristic of a Schedule of Accounts Receivable Is That ...