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Question

Which of the following accounts would be sorted from the Adjusted Trial Balance of a work sheet to the Balance Sheet & Statement of Owner's Equity columns on a work sheet?

Answer

Currency; Outstanding debt Explanation: Instead of "cash", the more formal term "currency" can be used to refer to physical money that is readily available. As for "account payable", a more concise and precise term is "outstanding debt", which refers to the amount of money owed to vendors or suppliers that has not been paid yet.