contestada

The balance in Accounts receivable was $650000 at the beginning of the year and $760000 at the end of the year. Credit Sales totaled $4,130,000. During the year, $410,000 in customer accounts were written off. How much cash was collected from customers during the period?

Respuesta :

amanarsalan

Answer:

Cash = $3,610,000

Explanation:

Debit: Cash                                             ??

Debit: Bad Debt Expense                $410,000

Debit: Accounts Receivables           $110,000

Credit: Sales                                                        $4,130,000

  • Account Receivables for the period = Closing Balance - Opening Balance

Account Receivables for the period = $760,000 - $650,000 = $110,000

  • Cash = Credit Sales - Accounts Receivables for the period - Bad Debt Expense

Cash = $4,130,000 - $110,000 - $410,000

Cash = $3,610,000