For the calendar year 2019, Palmer Inc. had the following items that affected the accounts receivable account: $6,500,000 of credit sales, $250,000 in write-offs, and $5,000 of recoveries. The beginning and ending accounts receivable balances reported on the financial statements were $2,600,000 and $3,200,000, respectively. How much cash did Palmer collect from credit customers in 2019?

Select one: a. $5,905,000 b. $5,655,000 c. $6,855,000 d. $6,145,000

On April 1, 2020, Travis Inc. purchased 600 shares of its own $18 par value common stock for $26,000. On September 30, 2020, Travis sold 300 of these treasury shares for $21,600 cash. The journal entry to record the sale includes a:

Select one: a. $13,000 credit to Paid-in Capital from Treasury Stock

b. $26,000 credit to Treasury Stock

c. $8,600 credit to Paid-in Capital from Treasury Stock

d. $8,600 credit to Gain on Sale of Treasury Stock