The balance in Accounts Receivable was $700,000 at the beginning of the year and $780,000 at the end of the year. Credit sales for the year totaled $4,110,000. During the year, $430,000 in customer accounts were written off. How much cash was collected from customers during the period?

Question

Quizplus · Accepted Answer

Beginning balance + Credit sales - Ending balance - Write-offs = Cash collected$700,000 + $4,110,000 - $780,000 - $430,000 = $3,600,000

The Balance in Accounts Receivable Was $700,000 at the Beginning