The following information was taken from the 2009 financial statements of Jones Corporation: Accounts receivable, January 1,

Question:

The following information was taken from the 2009 of Jones receivable, January 1, 2009 ..................$ 30,000
Accounts receivable, December 31, 2009 ..................40,000
Sales (all credit sales) ..........................480,000
Note: No were written off or recovered during the year.
Required
a. Determine the cash collected from customers by Jones in 2009.
b. Comment on why cash collected from customers differed from sales.

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