The entry made following reinstatement of the account receivable to record the recovery is debit bad debts recovered and credit accounts receivable.
The term "accounts receivable," often known as "AR" or "A/R," refers to a company's legally enforceable claims for payment for items delivered or services provided that consumers have requested but haven't paid for.
The money that clients owe your business for goods or services for which invoices have been issued is known as accounts receivable. On the balance sheet, current assets are listed as the total amount of all accounts receivable, which includes bills from clients for goods or services provided to them on credit.
Learn more about accounts receivable here
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C. longer response times, sometimes six to eight weeks
Answer:
True
Explanation:
Taxes paid are NOT directly related to any specific benefit received by the taxpayer.
Answer:
A threat
Explanation:
Since Ford is decreasing the amount of cars and they supply the car parts, they will see a decrease in the amount of car parts they can sell to ford. Which is a threat.
Answer:
B-debit to Sales Discounts for $100
Explanation:
The journal entry is shown below to record the sale:
a. Accounts receivable A/c Dr $5,000
To Sales revenue $5,000
(Being merchandise is sold on a credit basis)
If the payment is made within 10 days, the journal entry would be
Cash A/c Dr $4,900
Sales discount A/c $100 ($5,000 x 2%)
To Accounts receivable A/c $5,000
(Being cash is received)