Question

When businesses are waiting for a customer to pay them for

merchandise they bought on credit, the money owed to the business is
part of the business's? *

Answer 1

The money owed to the business is considered a part of the businesses assets.

Answer 2

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and acrrued expenses