Business collects $5,000 from customers on account. Hint: See course materials. "Collect on account" is common terminology that you will see again. Services were performed on credit (on account) in a prior period. Business is now being paid, or "collecting on account." Business collects $5,000 from customers on account. Hint: See course materials. "Collect on account" is common terminology that you will see again. Services were performed on credit (on account) in a prior period. Business is now being paid, or "collecting on account." Operating Investing Financing Not a cash transaction

Answer rating: 100% (QA)

This transaction is indeed an operating activity in t... View the full answer