Explain the difference between Accounts Receivable and Accounts Payable:

Saturn, Inc. paid the rent for the current month in cash. Which of the following accounts will be used to record the transaction? A) Prepaid Rent B) Rent Payable C) Rent Revenue D) Rent Expense

Amounts earned from delivering goods or services to customers are called ________. A) notes receivable B) unearned revenues C) equity D) revenues

Which of the following is provided in a typical chart of accounts? A) Account balance B) Account number C) Dates of transactions D) Transaction amounts