Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). - A company paid the salary to one of its employees in advance, at the beginning of the month { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandies company sold goods to a customer abd cash was received one month before the items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received one week before the service { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash was received at items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received immediately after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash would be received 15 days after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A company granted a $20,000 loan to one of its employees, interest free { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash would be received 10 days after items delivery { notes receivable, other receivable, accounts receivable, no receivable}.
Analyze each situation given below and indicate which type of receivable it produces. (Choose one of the options provided in the drop down menu). - A company paid the salary to one of its employees in advance, at the beginning of the month { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandies company sold goods to a customer abd cash was received one month before the items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received one week before the service { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash was received at items delivery { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash was received immediately after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}. - A service company performed a service for a customer and cash would be received 15 days after the service { notes receivable, other receivable, accounts receivable, no receivable}. - A company granted a $20,000 loan to one of its employees, interest free { notes receivable, other receivable, accounts receivable, no receivable}. - A merchandise company sold goods to a customer and cash would be received 10 days after items delivery { notes receivable, other receivable, accounts receivable, no receivable}.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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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.
Question
100%
Analyze each situation given below and indicate which type of receivable it produces.
(Choose one of the options provided in the drop down menu).
- A company paid the salary to one of its employees in advance, at the beginning of the month { notes receivable, other receivable, accounts receivable , no receivable}.
- A merchandies company sold goods to a customer abd cash was received one month before the items delivery { notes receivable, other receivable, accounts receivable, no receivable}.
- A service company performed a service for a customer and cash was received one week before the service { notes receivable, other receivable, accounts receivable, no receivable}.
- A merchandise company sold goods to a customer and cash was received at items delivery { notes receivable, other receivable, accounts receivable, no receivable}.
- A service company performed a service for a customer and cash was received immediately after the service { notes receivable, other receivable, accounts receivable, no receivable}.
- A service company performed a service for a customer and the customer agreed to pay after 3 months, with 10% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}.
- A merchandise company sold goods to a customer and the customer agreed to pay after 6 months, with 6% interst, by signing a promissory note { notes receivable, other receivable, accounts receivable, no receivable}.
- A service company performed a service for a customer and cash would be received 15 days after the service { notes receivable, other receivable, accounts receivable, no receivable}.
- A company granted a $20,000 loan to one of its employees, interest free { notes receivable, other receivable, accounts receivable, no receivable}.
- A merchandise company sold goods to a customer and cash would be received 10 days after items delivery { notes receivable, other receivable, accounts receivable, no receivable}.
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