In your own words, give your personal experience (in details) about the following: Topic: Accounts Receivable...
In your own words, give your personal experience (in details) about the following:
Topic: Accounts Receivable and Payable
Explanation of Learning Venue: personal experience (in details)
Description of the Learning Principle: personal experience (in details)
Application of Principle Outside Venue of Experience: personal experience (in details)
Homework Answers
Account receivable:
It referes that money due to entity for the goods supplied or service rendered and the invoice is raised,but payment to be made.hence this is a current assent for the entity and hence it will appear in the balance sheet as current assent in asset side.
Account payable.
It is the just reverse case of account receivable as mentioned above.so it is a current liability and will appear in balance sheet as current liability in liability side.
A
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