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when does accounts receivable have a credit balance?
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Answer Posted / jason
Errors are the only reason this account would show a credit
balance. Some folks above noted they record advanced
payments as credits to AR. THIS IS NOT GAAP. You record
advance payments as a seperate account called unearned
revenue that is displayed as a liability on the balance
sheet, not a credit balance in the assets section.
| Is This Answer Correct ? | 26 Yes | 4 No |
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