On 1 January 2017,the Accounts receivable of Linda Company had a debit balance of $170,000.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)$570,000
B)$400,000
C)$330,000
D)$160,000

Question

Quizplus · Accepted Answer

To find the ending balance in the accounts receivable account, we need to subtract the amount collected from customers ($240,000) from the total amount of services provided on account ($400,000):

$400,000 - $240,000 = $160,000

Then, we add this amount to the beginning balance of accounts receivable:

$160,000 + $170,000 = $330,000

Therefore, the ending balance in the accounts receivable account at the end of January is $330,000.

On 1 January 2017,the Accounts Receivable of Linda Company Had