Identify the suitable description for accounts receivable .

Question

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Answer 1

Question

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

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Answer 2

Question

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

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Answer 3

Question

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

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Answer 4

Question

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

Answer 6

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.

Conclusion

Therefore, option (c) correct answer.

Answer 7

Chapter 5, Problem 1SSQ

To determine

Identify the suitable description for accounts receivable.

Answer 8

Expert Solution & Answer

Answer to Problem 1SSQ

Option (c).

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (a): Liabilities of the company that represents the amount owed to suppliers describes the accounts payable. Thus, option (a) is incorrect answer.

Option (b): Amounts that have previously been received from customer describes unearned revenue. Thus, option (b) is incorrect answer.

Option (c): Assets of the company representing the amount owed by customers describes accounts receivable. Thus, option (c) is correct answer.

Option (d): Amounts that have previously been paid to suppliers describes the prepaid expense. Thus, option (d) is incorrect answer.

As per the above explanation, option (a), (b) and (d) are incorrect answer. Thus, option (c) is correct answer.