Assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $590 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.

costs that stay the same regardless of how much of a good or service is produced

Explanation:

In the short run, fixed costs are the expenses that do not change regardless of the output level. In other words, fixed costs remain a constant amount throughout the financial period.  Examples of fixed costs include rent, administrative salaries, insurance, and loan repayments. These amounts will be the same irrespective of production levels.

Fixed costs contrast with variable costs that vary depending on the output level.