ACCOUNTS RECEIVABLE Definition

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ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

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VENDOR STATEMENT is a statement by the seller to the buyer detailing material particulars regarding the property in question (suitability for intended use).

PROGRESS BILLINGS are interim billings for construction work or government contract work. The entry is to debit progress billings receivable and credit progress billings on construction in progress. Progress billings is a contra account to CONSTRUCTION-IN-PROGRESS.

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