The following aconunt baiances are taken from the December 31, 2020, financial atatents n ABZAdverteng Compeny The company uscc is accounting Advertising Revenue $4482 Cash 41,616 Accounts Recelvable 7.200 Interest Expense Accounts Payable Operating Expenses 37,460 Deferred Revenue 2.290 5,000 1.178 Equipment Income Tax Expense 2,326 18,048 The following activities occurred in 2021 1. Performed advertising services on account, $55,000. 2 Received oash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. is the balance of Accounts Receivable at December 31, 20217 $55,000. $51,89 554,396 44,600. one of the above.

The following aconunt baiances are taken from the December 31, 2020, financial atatents n ABZAdverteng Compeny The company uscc is accounting Advertising Revenue $4482 Cash 41,616 Accounts Recelvable 7.200 Interest Expense Accounts Payable Operating Expenses 37,460 Deferred Revenue 2.290 5,000 1.178 Equipment Income Tax Expense 2,326 18,048 The following activities occurred in 2021 1. Performed advertising services on account, $55,000. 2 Received oash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. is the balance of Accounts Receivable at December 31, 20217 $55,000. $51,89 554,396 44,600. one of the above.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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