Malice Inc. had an Accounts Receivable balance of $45,000 on January 31, 2020 and $55,000 on...
Malice Inc. had an Accounts Receivable balance of $45,000 on January 31, 2020 and $55,000 on February 29, 2020. Cash collections during the month was $100,000. How much was sold on account during February?
Group of answer choices
a. 90,000
b. 10,000
c. 110,000
d. 5,000
Homework Answers
Ending AR=Beginning AR+Credit sales-Cash collections during the month
55000=45000+Credit sales-100,000
Credit sales=55000+100,000-45000
=$110,000
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