Other Than Accounts Receivable and Notes Receivable, Name Other Receivables

question 31

Essay

Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.

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Definitions:

General Journal Entry

A record in the general journal that represents the detailed listing of a company's financial transactions.

Terms 2/10, N/30

Payment terms indicating a 2% discount if the amount is paid within 10 days; otherwise, the net (full) amount is due within 30 days.

Perpetual Inventory Method

An accounting method that continuously tracks inventory levels and cost of goods sold, updating the accounts after each transaction.

General Journal Entry

A record in the general journal that represents a transaction and shows the accounts and amounts debited and credited.