On November 1, Cooper Equipment had a beginning balance in the Office Supplies account of 5600.. During the month, Cooper purchased $1,100 of ofice suap es. At November 30, Cooper Equipment had S200 of offce suppies on hand Read the reguirenents Requirement 1 The Office Supplies T-account has been opened for you. Enter the beginning balance and ourchase of office supplies. Use "Nov 1" as a posting refesente to erte the begnng balance and "Nov. surchases as a posting reference to post the purchase of office supplies during the month.) Office Supplies Nov 1 600 O Requirements 1 The Office Supplies T-account has been opened for you Enter the beginning balance and purchase of office supplies. 2. Record the adusting entry required at Novemoer 30 3. Post the adusting entry to twe hao accounts invoved, and shoN ther balances at iovembeot Print Done
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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