Richman Corp. had a beginning balance in accounts receivable of $70,000 and an ending balance of $91,000.

Question:

Richman Corp. had a beginning balance in of $70,000 and an ending balance of $91,000. Credit sales during the period were $598,000. Determine cash collections.

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...