Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled $72,000. The balance in the Accounts Receivable account at the end of the month was $31,000. No accounts receivable were written off as uncollectible during the month. The balance in the Accounts Receivable account at the beginning of the month was:
Homework Answers
Answer
- Equation to be used:
Beginning Accounts receivables + Sales on accounts – Cash collections = Ending accounts receivables
Beginning Accounts receivables = Ending accounts receivables – Sales on account + Cash collections
Beginning Accounts receivables = $ 31000 - $ 78000 + $ 72000
Beginning Accounts receivables = $ 25,000 - Correct Answer =
Option #1: $ 25,000
Add Answer to:
Sales on account during the month totaled $78,000. Cash
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