21. EOM Consulting Services had the following transactions for the month of November, Journalize the transactions and include an explanation with each entry. (Record debits first, then credits, Select the explanation on the last line of the journal entry table.) A (Click the icon to view the transactions.) Nov. 18: Paid advertising bill, $100. Date Accounts and Explanation Debit Credit More Info Nov. 18 The business received $17,000 cash and gave capital to Emily Maki, the Nov. 1 owner. Nov. 15 Purchased office supplies on account, $400. Nov. 18 Paid advertising bill, $100. Nov. 20: Received $1,100 from customers for services rendered. Received $1,100 from customers for services rendered. Nov. 20 Date Accounts and Explanation Debit Credit Nov. 28 Maki withdrew $500 from the business. Nov. 20 Print Done Nov. 28: Maki withdrew $500 from the business. Debit Credit Date Accounts and Explanation Nov. 28 Choose from any list or enter any number in the input fields and then continue to the next question.
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.
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