Fernandez Company had an accounts receivable balance of $ 150,000 on December 31, Year 2 and $ 175,000 on December 31, Year 3 The company wrote off $ 40,000 of accounts receivable during Year 3 Sales for the year Year 3 totaled $ 600,000, and all sales were on account The amount collected from cust...

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Fernandez Company had an accounts receivable balance of $ 150,000 on December 31, Year 2 and $

Question:

Fernandez Company had an balance of $ 150,000 on December 31, Year 2 and $ 175,000 on December 31, Year 3. The company wrote off $ 40,000 of during Year 3. Sales for the year Year 3 totaled $ 600,000, and all sales were on account. The amount collected from customers on during Year 3 was:
a. $ 575,000
b. $ 531,000
c. $ 600,000
d. $ 535,000
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...