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.

Q: A company had the following sales transactions: 1. Total debit card sales = $270,000. 2. Total…

A: Sales Transactions Revenue: Sales revenue is the amount of money earned by a corporation through the…

Q: The following data were provided by Ninety Incorporated for the year 2021: Accounts Receivable,…

A: Revenue is regarded as the income that is raised by the organization from its business operations.…

Q: Alco Roofing Company's beginning accounts receivable were $200,000 and ending accounts receivable…

A: Equation is  opening receivables + credit sales - collections = ending receivables

Q: On January 1, Year 2, Grande Company had a $71,000 balance in the Accounts Receivable account and a…

A: Uncollectible Account:- These are those accounts that are not going to be received by the company…

Q: Provide solution for the following with proper explanation: a)Faith company provided the following…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: For the month of December, the records of ABC Corporation show the following information: Gross…

A: Gross sales = cash sales + credit  sales Credit sales = Gross sales - cash sales = P120,000 -…

Q: Sales revenue for Bancroft was $560,000. The following data are from the accounting records of…

A: The cash collection is calculated as sales revenue plus change in receivable balance

Q: Use the information in each of the following separate cases to calculate the unknown amount.

A:

Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…

A: Cash collections for the period = Opening balance of accounts receivable + Credit sales for the…

Q: "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this…

A: In the given situation, the net balance of both accounts receivable and accounts payable has been…

Q: Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash…

A: Accounts Receivable Balance: The accounts receivable balance is the outstanding balance in the…

Q: Sandhill Co. had a beginning balance in accounts receivable of $65,960 and an ending balance of…

A: Calculation Table Accounts Receivable Balance Amount in $ Beginning balance $65,960 + Credit…

Q: A company has a 30-day credit terms to its customers. It has a total of P120,000 in their accounts…

A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise.…

Q: accounts payable are P1,350,000 and P1,850,000, respectively. During the current year, accounts…

A: Gross Sales of a business include cash sales as well as credit. Gross sales are the total of that…

Q: At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December,…

A: Formula: Closing accounts receivable = Beginning accounts receivable + Credit sales - cash…

Q: Corentine Company had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: For the month of December, the records of Scrooge Corporation show the following information: Cash…

A: Here in this question, we are require to calculate gross sales for the month of December. In this…

Q: Sheridan Company had net credit sales during the year of $1047750 and cost of goods sold of $484000.…

A: Average Accounts Receivables = (Beginning Accounts Receivables  + Ending Accounts Receivables ) /2 =…

Q: The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1: Accounts…

A: Sales made by business can be for cash or on credit basis. Under credit basis, accounts receivable…

Q: A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The…

A: Cash received from factors = Accounts receivable transferred - factoring fees where, Factoring fees…

Q: Walker Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May.…

A: Solution: Accounts Receivable are the balance of amount which is due to a company for the goods…

Q: The Cash Receipts Journal of the Company shows the following accounts and account balances:•Sales P…

A: Solution Given Sales P 125,000 Accounts receivable 65,000 Sundry accounts (credit) 1,802,650 Sales…

Q: The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit…

A: Accounts receivable are the money owed to a company by its customers. This happens because of Credit…

Q: P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made…

A: Accounts receivable refers to the balance amount to the firm for goods and services delivered but…

Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…

A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…

Q: Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts…

A: Introduction: Current Assets: Currents assets are shown in Balance sheet. Assets which can be easily…

Q: Below is the T-account for Accounts Receivable: Accounts Receivable Debit Beginning 189, 400 Balance…

A: Accounts receivable=Total debits-Total…

Q: Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total…

A: Normal balance of accounts receivable is debit.

Q: calculate the unknown amount. On September 30, Valerian Co. had a $102,500 balance in Accounts…

A: Given information is: Valerian Co. had a $102,500 balance in Accounts Receivable. During October,…

Q: Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts…

A: Accounts receivable are the customers of the company; from whom, amount is receivable due to the…

Q: Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000…

A: The cash basis system state that the revenue should be recorded when the actual amount of cash is…

Q: Below is the data provided by a company regarding its receipts and disbursements. 31-Dec 1-Jan…

A: The amount of sales generated during a period without adjusting any discount and return is known as…

Q: Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales…

A: Cash collected from customers = Beginning accounts receivable + Credit sales - Ending accounts…

Q: Financial statement data for the year ending December 31 for Flagg Co. are as follows: Sales…

A: The number of days sales in receivable indicates the number of days the credit sales converted into…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May.…

A: Accounts receivables are the dues that the company is entitled to receive from credit purchasers.…

Q: he following data were reported by Son Goku Company during the current year: Accounts receivable –…

A: Under the cash basis of accounting, the revenues, as well as expenses, are recorded at the time when…

Q: Ön September 30, after all monthly postings had been completed, the Accounts Receivable control…

A: The control account's aim is to keep the general ledger safe and clean of information while still…

Q: Accounts Receivable Balance Ray’s beginning and ending accounts receivables balances are $147,990…

A: Formula: Cash collections for the period =  Beginning Accounts receivable + Credit sales - Ending…

Q: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Solution: Net Credit Sales = 80% of $1,000,000                             = 800,000 For calculating…

Q: Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: The following data were reported by ABC Company during the current year: Accounts receivable –…

A: The question is based on the concept of Financial Accounting.

Q: Library Company provided the following data: On January 1, the company’s account receivable and…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: The following selected transactions occurred during the year ended December 31, 2026 of RANOA…

A: Under allowance method based on a percentage on sales, a percentage is applied on the net credit…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is