I would like to know what happens with Accounts receivable and accounts payable at the month end / year end. I need the treatement and entries made to close AR and AP?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3320 Points)
Replied 05 March 2014
Accounts Receivable accounts appear in the Balance sheet assets side. and Accounts payable accounts appear in the Balance sheet Liabilities. side. in every month/year.
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