please answer two questions On January 1, 2022, the Accounts Receivable of ACC 210 Corporation had a debit balance of $150,000 During January, the company provided services for $400,000 on account The company collected $240,000 from its customers on account in January What was the ending balance in the Accounts Receivable account at the end of January A $550,000 B $160,000 C $400,000 D $310,000 To close out an expense or loss account A credit the income summary and debit expense and loss accounts B debit the income summary and credit revenue and expense accounts C debit the income summary and credit expense and loss accounts D credit the income summary and debit revenue and expense accounts

Question

please answer two questions On January 1, 2022, the Accounts Receivable of ACC 210 Corporation had a debit balance of $150,000  During January, the company provided services for $400,000 on account  The company collected $240,000 from its customers on account in January  What was the ending balance in the Accounts Receivable account at the end of January    A  $550,000   B  $160,000   C  $400,000   D  $310,000 To close out an expense or loss account   A  credit the income summary and debit expense and loss accounts   B  debit the income summary and credit revenue and expense accounts   C  debit the income summary and credit expense and loss accounts   D  credit the income summary and debit revenue and expense accounts

Accepted Answer

The Answer is in the image, click to view ...

Question

please answer two questions On January 1, 2022, the Accounts Receivable of ACC 210 Corporation had a debit balance of $150,000. During January, the company

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Advanced Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question