Discovered that the balance of the cash account and the account payable account as of April 1 were overstate by 200. A payment of the amount to creditors in march had not been recorded. Journalize the 200 payment as of April 20 24. Paid cash for laboratory analysis 545 27.paid cash from business bank account for personal and family expense 1250 30.recorded the cash received in payment of service on a cash basis to patient during April 1720 30.paid various utility expense 360 30. Recorded fees charged to patients on account for service performed in April 5145 30. Paid miscellaneous expense 132
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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