Wize University Introduction to Financial Accounting Textbook > Receivables
Accounts Receivable
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Accounts Receivable
Amounts owed to the business from customers for goods and services provided are called Accounts receivable. This account is sometimes referred to as Trades receivable.
Characteristics of Accounts Receivable
- Money owed from a customer
- Classified as a current asset
- Most often collected within 30 days
- No interest
Credit and Discount Terms
- Includes the discount percentage and period
- Includes how long the customer has to pay
- If not paid before the credit term, customer becomes delinquent or past due.
