Indicate the Proper Sequence of the Steps in the Accounting

question 85

Essay

Indicate the proper sequence of the steps in the accounting cycle by placing numbers 1-8 in the blank spaces.

---

Definitions:

Accounts Receivable

Accounts receivable represents the money owed to a company by its customers for goods or services delivered but not yet paid for.

Accounts Receivable Turnover

A financial ratio indicating how quickly a company collects cash from credit sales, calculated over a given period.

Accounts Receivable

Accounts receivable represents the money owed to a company by its customers for goods or services delivered or used but not yet paid for.

Sales

The cumulative amount of money made by a business from selling its goods or services.