Answered: Beginning accounts receivable were…

Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480. Determine how much cash was collected from customers.?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales were on credit and totaled $1,682,480.

Determine how much cash was collected from customers.?

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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