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Re: creede post# 1300

Tuesday, 02/03/2009 12:49:52 PM

Tuesday, February 03, 2009 12:49:52 PM

Post# of 1593
thanks for coming to this board - the LBWR $208,000 revenues

since Joev2 is anxiously waiting for our talk on those LBWR $208,000 in written off Accounts Receivable that were then collected and added to 2007 LBWR revenues, lets get on with our talk on this matter.

When LBWR contracts and performs services and sends out a bill for those services, it records the amount as "Revenue" in the Income Statement, and if it has yet to be paid, as "Accounts Receivable" in the current asset section of the Balance Sheet.

does this sound about right?

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