Horton Housewares' accounts receivable decreased during the year by $5 million. What is the amount of cash

Question:

Horton Housewares' decreased during the year by $5 million. What is the amount of cash Horton received from customers during the reporting period if its sales were $33 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period.

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...