The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets O Current Liabilities O Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? *

The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets O Current Liabilities O Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? *

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Description: The sum of all of your customer Accounts Receivable is listedas part ofon your balance sheet. *O Current AssetsCurrent LiabilitiesLong-term AssetsSuppose you are closing the books at the end of a fiscal yearand you have a balance of $75000 in your R

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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The sum of all of your customer Accounts Receivable is listed
as part of
on your balance sheet. *
O Current Assets
Current Liabilities
Long-term Assets
Suppose you are closing the books at the end of a fiscal year
and you have a balance of $75000 in your Revenue account.
What should you do with the balance? *
O You should do nothing, and carry it over to the next accounting year.
You should zero it out.
You should move it to the liability account.

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