The amount charged for a good or service provided to a customer on account is recorded only after the payment is received.

Name: The amount charged for a good or service provided to a customer on account is recorded only after the payment is received.
Brand: Quizplus
Rating: 4.8 (43 reviews)

Question

Quizplus · Accepted Answer

The amount charged for a good or service provided to a customer on account is recorded as accounts receivable when the sale is made, not when the payment is received. The payment is recorded as a separate transaction once it is received.

The Amount Charged for a Good or Service Provided to a Customer