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Using the information found in the financial statements for the month ended May 31 and the Accounts Receivable T-account, determine its May 31 balance found
Using the information found in the financial statements for the month ended May 31 and the Accounts Receivable T-account, determine its May 31 balance found on the balance sheet. Assume all sales are on account.
Balance Sheet at April 30: Accounts Receivable = $2,000
Statement of Cash Flows: Cash Collected from Customers on the Statement of Cash Flows = $6,000
Income Statement: Sales = $7,000
Balance Sheet at May 31: Accounts Receivable = ______?
$6,000 | ||
None of these choices are correct. | ||
$3,000 | ||
$1,000 | ||
$9,000 |
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