Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $ May12 Dr.________ ___ Cr.______ ___ Date Account title $ May13 Dr.________ ___ Dr.______ ___ Cr._____ ___ Date Account title $ May17 Dr.________ ___ Cr.______ ___ Date Account title $ May20 Dr.________ ___ Cr.______ ___ (b) The balance of Accounts Receivable on may 31 is: $____ Dr
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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