Unless "received", amounts listed are paid by the salesperson Salary received Commissions received Air fares Lodging Travel meals Home meals In-town meals with clients Entertainment Advertising iMac purchase Paper and printer ink Parking Home phone Union dues What is the net employment income? 29,300 7,004 3,100 3,444 746 670 322 840 * 1,577 1,350 96 178 570 590
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.
Step by step
Solved in 2 steps with 2 images
