Explain how accounts receivable are recognized in the accounts.
Question
Explain how accounts receivable are recognized in the accounts. – Q/A (Question and Answer)
Test Answer
Answer:
Companies record accounts receivable when they perform a service on account or at the point-of-sale of merchandise on account. Sales returns and allowances, and cash discounts reduce the amount received on accounts receivable.
Recource Chapter 8: Reporting And Analyzing Receivables
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