It explicits total trade debtors of a business entity at a specific given period. Further, it elaborates the total amount owed by all customers in a given time frame. Control accounts are an important component of double-entry accounting and make up the foundation of the general ledger. They serve as a summary report of the total balances for each subledger, and allow for a streamlined analysis of a...
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It reflects the money owed to a company from the sale of its goods or services that remains to be paid by the buyer. Even though it is not yet in hand, it is considered an asset because the company expects to receive it in due course. The shorter the period of time a company has accounts receivable balances, the better, as how to prepare and analyze a balance sheet it means the company can use that...