Brief Exercise 21-1 Determine cash received from customers [LO21-3]

Horton Housewares' accounts receivable decreased during the year by $10.0 million.

a.	What is the amount of cash Horton received from customers during the reporting period if its sales were $43.0 million? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

b.

Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)