Erie Company began the accounting period with $27,000 in accounts receivableAccounts Receivable.The ending balance in accounts receivableAccounts Receivable was $10,000.If the credit sales during the period were $44,000,what is the amount of cash received from customers?

Question

Quizplus · Accepted Answer

Beginning balance + Revenue recognized on account - Cash inflow from customers = Ending balance
$27,000 + $44,000 - Cash inflow from customers = $10,000
Cash inflow from customers = $27,000 + $44,000 - $10,000 = $61,000

Erie Company Began the Accounting Period with $27,000 in Accounts