Question

Bryson Services, Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received a check by mail on January 5. Which of the following accounts should appear on the balance sheet as of December 31 as related to the services performed?Select one:________.a. Prepaid Expenseb. Unearned Revenuec. Accounts Receivabled. None, there is no entry in December

Answer 1

Answer:

c. Accounts Receivable

Explanation:

Since in the question it is given that the Bryson Services, Inc. performed accounting services for a client in December plus the bill was mailed on December 30 and in return the company received the check on January 5

In this transaction, the service is performed so the same is to be reported as the account receivable which is a current asset side of the balance sheet