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Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts...

Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts receivable decreased by $42,000 during the year. How much were sales on account for the year ended December 31, 2019? (Assume that no cash sales were made during the year and that all sales on account are collectible.

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Answer #1

>> Credit sales = Cash collected + Increase / ( Decrease ) of accounts receivable

>> Credit sales = $ 314,000 - $ 42,000

>> Credit sales = $ 272,000

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