_____ represent amounts owed by customers for goods and services they have already received. The customer, therefore, has the benefit of the goods and services before it pays cash.
A)Accounts Payable
B)Accounts Receivable
C)Notes Receivable
D)Notes Payable
E)Uncollected Sales

Question

Quizplus · Accepted Answer

Accounts Receivable represent amounts that a company is owed by its customers for goods and services that have already been provided. This means that the customers have the benefit of the goods and services before they actually pay in cash. Accounts Payable, on the other hand, represent amounts that a company owes to its suppliers for goods and services received but not yet paid for. Notes Receivable and Notes Payable involve written promises to pay or receive a specified amount of money at a future date, while Uncollected Sales is not a commonly used term in accounting.

_____ Represent Amounts Owed by Customers for Goods and Services