Question

State the transactions recorded in bills receivable and bills payable journals

Answer 1

Answer: ... Howerver, because Bills Receivable represents amount to be received by the business, it acts as an asset for the business, thus, usually carries a debit balance.

Answer 2

Bills Receivable represents amount to be received by the business, it acts as an asset for the business, thus, usually carries a debit balance.

Bills payable on the other hand, represents the amount to be paid by a particular business. It can be taxes, or other legal money that needs to be paid for the business. Thus it acts as a depreciation for the business.