What are the accounts of customers who owe a business money for merchandise bought on credit called?
A) current assets
B) accounts receivable
C) long-term assets
D) capital
B
You might also like to view...
Managers tend to give more weight to more recent behavior. This is due to the
A. heuristic bias. B. halo effect. C. recency effect. D. availability bias. E. representativeness bias.
________ is being used if respondents are given 100 attitude statements on individual cards and asked to place them into 11 piles, ranging from "most highly agreed with" to "least highly agreed with."
A) Constant sum B) Q-sort C) Paired comparison D) Rank order
Life insurance is an example of a convenience product
Indicate whether the statement is true or false
If merchandise costing $500 is sold on account for $620, how is this transaction recorded when using a perpetual inventory system?
A. Debit Accounts Receivable and credit Sales Revenue for $620; debit Inventory and credit Cost of Goods Sold for $500. B. Debit Accounts Receivable, credit Sales Revenue for $620; debit Cost of Goods Sold, and credit Inventory for $500. C. Debit Accounts Receivable and credit Sales Revenue for $620. D. Debit Cash and credit Sales Revenue for $620; debit Cost of Goods Sold and credit Inventory for $500.