select all that apply in financial statements, sales on account will cause an increase in ______. (select…

select all that apply in financial statements, sales on account will cause an increase in ______. (select all that apply.) accounts payable on the balance sheet sales revenue on the income statement accounts receivable on the balance sheet allowance for doubtful accounts on the income statement

select all that apply in financial statements, sales on account will cause an increase in ______. (select all that apply.) accounts payable on the balance sheet sales revenue on the income statement accounts receivable on the balance sheet allowance for doubtful accounts on the income statement

Answer

Brief Explanations:

When sales are made on account, it means the customer has not paid immediately. This creates an obligation for the customer to pay in the future, which is recorded as Accounts Receivable on the balance - sheet. Also, the sales made are recognized as Sales Revenue on the income statement. Accounts Payable is what a company owes to its suppliers and is not affected by sales on account. The Allowance for Doubtful Accounts is related to estimating uncollectible accounts and is not directly increased by sales on account.

Answer:

B. Sales Revenue on the income statement C. Accounts Receivable on the balance sheet