Answered: What type of account is “Accounts…

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What type of account is “Accounts Receivable”?a) Assetb) Liabilityc) Equityd) Revenue

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...

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Question

What type of account is “Accounts Receivable”?
a) Asset
b) Liability
c) Equity
d) Revenue

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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