Video Transcript-Accounts Receivable
0:01
Accounts receivable is a current asset of yours. It is a good thing. When someone owes you money because they bought something from you on credit. It is a thing of value for you. It is considered a current asset on your balance sheet.
0:24
Let’s look at an example.
0:27
You make a sale on credit for $50.
0:33
In the journal, you’ll make a debit entry to accounts receivable for $50 and a credit to revenue for $50. The amounts are posted to the ledger.
0:49
When you are paid, you will make a debit of $50 to cash and a credit of $50 to
1:00
accounts receivable
1:03
and again, the amounts are posted to the ledger. Notice that the accounts receivable balance is now zero.
1:14
Accounts receivable is a current asset.
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Video Transcript-Accounts Receivable
The Concept Checks are short audiovisuals that focus on a single concept that students have difficulty with within this unit and on the final examination. For this unit, we have one on accounts receivable. Click on the title above to access.
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