The Mosaic hotel hosts an afternoon seminar for Brief Conventions Ltd. Brief Conventions has received an invoice from Mosaic for $1,200 to cover the event. Following the event, but prior to receiving Brief Conventions' payment, Mosaic would report the amount owing on its balance sheet as:

Question

Quizplus · Accepted Answer

Mosaic would report the $1,200 owed by Brief Conventions as an account receivable on its balance sheet because it represents money that is owed to Mosaic for services already provided.

The Mosaic Hotel Hosts an Afternoon Seminar for Brief Conventions