You can classify receivable in the following 3 categories: Accounts Receivable Notes Receivable Other Receivables

Yes, Accounts Receivable is an asset. It is the amount a customer owes to a business and a business can convert it into cash upon due date. Moreove...

Creditor days is the average time it takes for a business to settle its debts with its trade suppliers.

Bad debt recoveries are the payments a business receives for the written-off debt which were considered uncollectible. Moreover, you need to report...

Debit the Bad Debt and Credit the Allowance for Uncollectible Accounts.

Bad debt is a contra asset. It reduces the accounts receivable amount and the business reports these bad debts on the Income Statement under the Op...

You can account for Bad Debts by any of the following two methods: Direct Write-off Method Allowance Method