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Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. [1] A retention is money withheld by one party in a contract to act as security against incomplete or defective works.
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
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A Florida couple is facing child abuse charges after local authorities say the man beat a child for nearly half an hour and his wife failed to help the boy.
A Clemson win could mean two berths for the conference, but only if the playoff committee keeps an 11-2 SMU team ahead of a 9-3 Alabama team that jumped Miami (10-2) on Tuesday in the next-to-last ...
NEW YORK (AP) — Campbell's is ditching the soup — at least in name.And the change has now received shareholders' greenlight. Campbell Soup Co. announced its intention to change its name just ...
Available for sale (AFS) is an accounting term used to classify financial assets. AFS is one of the three general classifications, along with held for trading and held to maturity, under U.S. Generally Accepted Accounting Principles (US GAAP), specifically FAS 115. The IFRS also includes a fourth classification: loans and receivables.