The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue$46,482Cash 41,516Accounts Receivable 7,296Interest Expense 2,299Accounts Payable 5,000Operating Expenses 37,460Deferred Revenue 1,178Equipment 18,048Income Tax Expense 2,326The following activities occurred in 2019:1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2020, $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. What is the balance of Accounts Receivable at December 31, 2019?
A. $44,600.
B. $54,396.
C. $55,000.
D. $51,896.
Answer: D
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