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Hugo was completing his end-of-day balance sheet for his music store. He wanted to make sure his projections were correct and confirm the business was on track financially. What is one entry he would make on his balance sheet?


A. Gross profit

B. Cost of goods sold

C. Accounts receivable

D. Net profit before taxes

Sagot :

Tundexi

As Hugo wanted to make sure his projections were correct and confirm the business was on track financially, an entry which he can make on his balance sheet is an Accounts receivable. The Option C is correct.

What is an account receivable?

In accounting, an accounts receivable refers to an asset account on the balance sheet that represents money due to a company in the short term. They are created when a company lets a buyer purchase their goods or services on credit and it is similar to accounts payable but instead of money to be received, they are money owed.

An account receivable are always recorded as a debit in the assets section of a balance sheet. It is a short-term asset because normally it's going to be realized within a year.

Read more about account receivable

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