We are required to state what is refered to as the amount of cash owed to a company by its customers from the sale of goods or services.
The amount of cash owed to a company by its customers from the sale of goods or services is referred to as "account receivable".
A company and its customers sometimes owe each other.
- A customer might request for goods or services from a company and promise to pay at a later date. This amount owed to the company by its customers is called account receivable.
- On the other hand, a company might also owe its customers. The amount of money a company owes its customers is referred to as account payable.
Therefore,
The the amount of cash owed to a company by its customers from the sale of goods or services is called account receivable.
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