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Assume that the accounts receivable account had a beginning balance of $200 and an ending balance of $225 for the year. Total Sales for the
Assume that the accounts receivable account had a beginning balance of $200 and an ending balance of $225 for the year. Total Sales for the year were $1,000 and all sales were made on account (i.e., on credit). How much cash was collected from customers during the year? You may assume that there were no write-offs for uncollectible accounts.
a. $1,000 b. $225 c. $200 d. $975
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