Question 4 1 of 1 Why did we include a...
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Question of Why did we include a discussion of recording sales revenue and related sales revenue accounts during the discussion of accounts receivable? Accrual accounting requires dual entry. Sales revenue is the account typically related to recording accounts receivable. Sales revenue is not related to accounts receivable but it is discussed because we need to understand how revenue is recorded using the step revenue process. Both accounts receivable and sales revenue are reported on the balance sheet and are highly liquid accounts. Thus, the two accounts are discussed simultaneously because of their similarities. I do not know
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Why did we include a discussion of recording sales revenue and related sales revenue accounts during the discussion of accounts receivable?
Accrual accounting requires dual entry. Sales revenue is the account typically related to recording accounts receivable.
Sales revenue is not related to accounts receivable but it is discussed because we need to understand how revenue is recorded using the step revenue process.
Both accounts receivable and sales revenue are reported on the balance sheet and are highly liquid accounts. Thus, the two accounts are discussed simultaneously because of their similarities.
I do not know
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