Explain the concept of Accounts Receivable and Revenue. What are the differences between these two accounts in

Question:

Explain the concept of Accounts Receivable and Revenue. What are the differences between these two accounts in terms of

(1) Type of account

(2) Normal balance

(3) The financial statement the account is recorded on,

(4) The time period each balance represents?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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