What are the three classifications of receivables?

Answer 1

Classification of Receivables:

1. Accounts Receivable—used for selling merchandise or services on credit, and normally expected to be collected in a relatively short period.
2. Notes Receivable—used to grant credit on the basis of a formal instrument of credit, called a promissory note.
3. Other Receivables—include interest receivable, taxes receivable, and receivables from officers and employees.

Answer 2

Accounts Receivable Classification

Answer 3

The only reason that they would balance would be a fluke.