Solas - A/R is an asset and occurs because an item was shipped on terms. You record the revenue and the counter entry is A/R. I do this everyday in my job, I'm a comptroller for a same manaufacturer in Vermont.
Much the same as A/P (accounts payable). When you receive an item that you have not paid for, you record the value of the item in inventory and the counter entry is A/P. Mean while, the company who sent the item records the revenue and the A/R.
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