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LSDefine

Simple English definitions for legal terms

account receivable

Read a random definition: declaration against interest

A quick definition of account receivable:

Account Receivable: When a business sells something to another business or person on credit, they create an account receivable. This means that the buyer owes the seller money for the goods or services they received. The seller keeps track of this money owed in their books as a current asset. Once the buyer pays the full amount, the account receivable is replaced with cash.

A more thorough explanation:

Definition: Accounts receivable (A/R) is the money that a business is owed by another business or individual for goods or services provided on credit. The business sends an invoice to the customer to request payment. A company records accounts receivable as a current asset on its balance sheet.

Example: A clothing store sells $500 worth of clothes to a customer on credit. The store records an account receivable of $500 on its books. Once the customer pays the full amount, the accounts receivable is replaced with cash.

Explanation: This example illustrates how a business records accounts receivable when it sells goods or services on credit. The store provides clothes to the customer and sends an invoice requesting payment. The customer owes the store $500 until they pay the full amount. The store records the $500 as an accounts receivable on its balance sheet until the customer pays the full amount.

account debtor | account stated

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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