Question

Save Homework: Chapter 3, Part II Score: 0 of 5 pts E3-24A (similar to) 3 of 3 (2 complete HW Score: 61.54%, 8 of 13 pts Question Help The adjusted trial balances of Steinbeck Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions): (Click the icon to view the trial balance amounts.) Steinbeck Corporation complete these transactions (in millions) during the year ended August 31, 2018 (Click the icon to view the transactions.) Read the requirement The sales revenue for the year ended August 31, 2018 is million. 20 10 90 Trial balance amounts - Transactions 2018 2017 $ 500 $ 300 Accounts receivable Prepaid Insurance Accrued liabilities payable (for other operating expenses). 3) 380 490 610 Collections from customers Payment of prepaid insurance Cash payments for other operating expenses $ 20,500 500 4,700 1/5) 800 Print Done Print Done

Answer 1

Opening account receivable=$300

Collection from customers = $ 20,500

Closing account receivable=$500

Sales revenue= closing account receivable+ collections from customers - opening accounts payable

= $500 + $ 20,500 - $ 300

= $ 20,700

Sales revenue for 2018 = $ 20,700