Even though cheques aren’t as common as they once were, they’re still used and there can be some important things to know. Your bank or financial institution considers a cheque to be stale-dated when it becomes too old, which is usually after six months. In order for stop payments to…
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Receivables represent funds owed to the firm for services rendered and are booked as salary and wages an asset. Accounts payable, on the other hand, represent funds that the firm owes to others and are considered a type of accrual. Proper double-entry bookkeeping requires that there must always be an…
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