1. the Accounts Receivable account has a beginning balance of $58200 and an ending balance of $82900. If total sales on account were $47000 for the year, what were the total collections on account?

a. $82900

b. $71700

c. $94100

d. $22300

2.Under the accrual basis of accounting:

a. cash must be received before revenue is recognized.

b. net income is calculated by matching cash outflows against cash inflows.

c. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.

d. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.