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Name: The balance in Accounts Receivable at the beginning of the year was $5
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Description: The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit custome

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 49BE: Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During...

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The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year?

A) $4,740,000

B) $4,480,000

C) $4,060,000

D) $4,220,000

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