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Required Information [The following information applies to the questions displayed below] Morganton Company makes one product
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Answer #1

Credit sales are collected 30% in the month of sale and the remaining 705 is collected in the following month.

July credit sales will be collected 30% in July itself. The remaining 70% of July credit sales is the accounts receivable balance at the end of July.

Therefore,

Accounts receivable balance at the end of July

= July sales x 70%

= ($60 x 23,000) x 70%

= $966,000

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