Our company has drawn the same amount of promissory notes against its 30.000 TL debt. Which of the following is true about the recording based on this information? a) 321 Bills payable account is credited with 30.000 TL. B) 121 Notes receivable account is credited with 30.000 TL. NS) 320 Sellers account is credited with 30.000 TL. D) 780 Financial expenses account is debited 30.000 TL. TO) 321 Bills payable account is debited 30.000 TL.
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.
12 - |
Our company has drawn the same amount of promissory notes against its 30.000 TL debt. Which of the following is true about the recording based on this information?
|
|
Step by step
Solved in 2 steps
