Accounting Basic - Accounts Receivable Accounting Video
Watch here video Accounting Basic - Accounts Receivable Accounting.
Accounts Receivable are created and accounted for when goods are sold on credit and customer obliges to pay for the purchases after certain time this purchase is made.
Accounts Receivable Accounting is compliant with matching principles, i.e. Revenue is recognized when goods are sold (services) provided at the same time recording Accounts Receivable as a right of the seller to claim back money for the sale. The following entry is made:
D Accounts Receivable XXXX
C Sales Revenue XXXX
When cash is received from customer the following entry is made:
D Cash XXXX
C Accounts Receivable XXXX
Watch Accounting Basic Accounts Receivable Accounting video below:
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