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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accounts Receivable Balance

Beginning accounts receivable were $275,500, and ending accounts receivable were $302,300. Cash amounting to $2,965,000 was collected from customers' credit sales.

Required:

Calculate the amount of sales on account during the period.

To determine

Accounts Receivable Balance:

The accounts receivable balance is the outstanding balance in the ledger accounts of the business from whom the money is due for receivable.

To calculate:

The amount of credit sales.

Explanation

The beginning accounts receivable is $2,75,500, the collection of amount from its credit sales is $29,65,000 and the closing receivables are $3,02,300. This all is given in the question.

Now, for computing the credit sales during the year, the following formula should e followed:

Credit Sales during the year=Closing receivableBeginning receivable+Cash collected during year

As per the a

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