During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.

During 2023 pharaoh had the following transactions: Total sales were $445,000 of the sales amount $250,000 was on a credit basis. 2 On June 30, an $54,000 account receivable of a major customer was settled, with pharoah accepting a $54,000, one-year, 11% note, with the interest payable at maturity. 3 Pharoah collected $180,000 on accounts receivable during the year.4 At december 31, 2023, Cash had a balance of $17,000, Inventory had a balance of $87,000, Accounts Payable was $77,000 and accrued liabilities was $16,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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