Explain the importance of the date of service as it relates to Days in Accounts Receivable.

Write the difference between accounts receivable and notes receivable.

Explain how accounts receivable are presented in the financial statements.

On which financial statement are permanent accounts reported?

Define Permanent accounts

If a credit is issued to a customer, how will this affect the General Ledger Account?

Pharoah Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 81,500 shares of $1 par value common stock for cash of $305,625. Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share. Purchased 3,050 shares of treasury stock for $9,800. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

List some common examples of other receivables, besides accounts receivable and notes receivable.

Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way.   How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?

How do you get the total for accounts recievable turnover