Examlex
If the insured cancels a fire insurance policy after seven months, the refund will be (use table in handbook) :
Sales Account
An account in the general ledger that records the revenue from goods sold or services rendered to customers.
Accounts Receivable
The balance of money owed to a firm for goods or services delivered or used but not yet paid for by customers.
Credit Sale
A transaction in which goods or services are provided to a customer with an agreement to pay at a later date.
Accounts Receivable
Accounts receivable is the money that is owed to a company by its customers for goods or services that have been delivered but not yet paid for.
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