Accounts Receivable and Uncollectible Accounts

In accounting, Accounts Receivable may not be as straight forward as you may think. From the definition, we know that accounts receivable represents amounts due from customers who have purchased merchandise on credit and who have agreed to pay within a specified period or when billed by the company that they owe. We all know nothing is that simple. For example, what if the customer is late paying, or doesn't pay at all? Well, the good news is that there are business practices that can help minimize your losses. If the losses are inevitable, then there are adjustments that can be made to your financial statement. These adjustments can show the details of the unfortunate situation. The next couple of paragraphs will walk you

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