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Grant incorporated has loaned $15,000 to a corporate officer. grant should classify the loan as a(n)other receivable since the transaction is outside the normal course of business.
What are Other Receivables?
Money owing to a business by unrelated persons is referred to as other receivables. Trade receivables are typically recorded and reported by businesses. These sums are derived from the credit sales of products and services to customers.
Other receivables, however, do not fit the standards for classification under that area. Receivables from customers are an asset, not a burden. Assets are items you possess, but liabilities are things you owe to other people. Accounts receivable is again not thought of as equity because equity is the difference between the two.
Accounts receivable, or receivables, is a phrase that is sometimes used to describe a firm. However, both trade and nontrade receivables may be referred to as receivables. Accounts receivable are excluded from nontrade receivables, which could be shown as other receivables on the balance sheet.
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