When a company uses the allowance method of accounting for uncollectible receivables, the entry to reinstate a previously written off account would include a debit to Accounts Receivable.
Accounts receivable refers to unpaid invoices that a company has or money that customers owe the company. The term refers to an account that a company is entitled to receive for providing products or services. Accounts Receivable or Accounts Receivable represents a line of credit extended by a company, usually with terms that require payment in a relatively short period of time. It typically ranges from a few days to a fiscal or calendar year.
An entity recognizes a trade receivable as an asset on its balance sheet because the customer has a legal obligation to settle the obligation. Also, accounts receivable is a current asset, meaning that the account balance will be paid to the debtor within one year.
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