eboOk B Pint Ttem Schedule of Accounts Payable Crystal's Candles, a retail business, had the following balances and purchases and payments activity in its accounts payable ledger during November. Accounts Payable Ledger Name Balance Nov. 1, 20-- Purchases Payments Carl's Candle Wax $4,145 $1,015 $1,690 Handy Supplies 3,560 1,340 1,860 Wishy Wicks 3,300 1,830 1,070 Prepare a schedule of accounts payable for Crystal's Candles as of November 30, 20--. Crystal's Candles Schedule of Accounts Payable November 30, 20--
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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