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$ 52,964 Cash 47,138? Accounts Receivable 7923? Interest Expense 2424? Accounts Payable 5270? Operating Expenses 42,901? Deferred Revenue 1340? Equipment 20,656? Income Tax Expense 2648? The following activities occurred in 2019:1. Performed advertising services on account, $62,650.2. Received cash payments on account, $12,000.3. Received deposits from customers for advertising services to be performed in 2020, $3600.4. Made payments to suppliers on account, $5270.5. Incurred $51,300 of operating expenses; $44,500 was paid in cash and $6800 was on account and unpaid as of
the end of the year.
What is the balance of Accounts Receivable at December 31, 2019?
A. $50,650
B. $58,573
C. $62,173
D. $62,650
Answer: B
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