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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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