AP1-19 introduced Jason Chan and his pizza business, A Slice of Life Ltd. At the end of

Question:

AP1-19 introduced Jason Chan and his pizza business, A Slice of Life Ltd. At the end of November, the following items were in records:

Required:
a. Identify each of the items in his records as an asset, liability, or shareholders€™ equity item.
b. Prepare a statement of financial position for A Slice of Life Ltd. at the end of November.
c. Jason Chan does not have accounts receivable in his records. Explain why it is unlikely that he will record accounts receivable. Under what business circumstances would it be necessary for him to record accounts receivable?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...