Accounts Receivable Balance Ray’s beginning and ending accounts receivables balances are $147,990 and $142,720, respectively. Ray’s sold $3,745,060 of merchandise, of which 50% was on credit. Required: Determine the amount of cash collections for the period.
Accounts Receivable Balance Ray’s beginning and ending accounts receivables balances are $147,990 and $142,720, respectively. Ray’s sold $3,745,060 of merchandise, of which 50% was on credit. Required: Determine the amount of cash collections for the period.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 1CE
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Accounts Receivable Balance
Ray’s beginning and ending accounts receivables balances are $147,990 and $142,720, respectively. Ray’s sold $3,745,060 of merchandise, of which 50% was on credit.
Required:
Determine the amount of cash collections for the period.
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