Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm having trouble with account classifications...from the correct answer below, can you please explain why accounts receivable is Not Closed, Adjusted, Accrued Revenue, Asset &Revenue

I'm having trouble with account classifications...from the correct answer below, can you please explain why accounts receivable is "Not Closed, Adjusted, Accrued Revenue, Asset &Revenue" Which of these is correct as it relates to classification, type, normal balance, financial statement, permanent or temporary, closed or not closed, adjusted or not adjusted, type of adjusting entry, account classification combination, and on a post-closing trial balance (PCTB) or not for the account Accounts Receivable?j 1. (Correct answer) Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Accrued Revenue, Asset &Revenue, and on PCTB 2. Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Accrued Revenue, Revenue/Asset, and on PCTB 3. Asset, Current Asset, Debit, Balance Sheet, Permanent, Not Closed, Adjusted, Deferred Revenue, Asset/Revenue, and on PCTB 4. Asset, Current Asset, Debit, Balance Sheet, Nominal, Not Closed, Adjusted, Accrued Revenue, Asset/Revenue, and on PCTB

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas Edmonds

7th Edition

73527122, 978-0073527123

More Books

Students also viewed these Accounting questions

Question

Identify the three parties to a surety bond.

Answered: 1 week ago

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago