From the following information calculate the cash received from customers.
$$\begin{array} { l r }
\text { Accounts receivable opening balance } & \$ 20,000 \
\text { Credit Sales } & \$ 840,000 \
\text { Accounts receivable closing balance } & \$ 40,000
\end{array}$$

Question

From the following information calculate the cash received from customers.
$$\begin{array} { l r } 
\text { Accounts receivable opening balance } & \$ 20,000 \
\text { Credit Sales } & \$ 840,000 \
\text { Accounts receivable closing balance } & \$ 40,000
\end{array}$$

Quizplus · Accepted Answer

To calculate cash received from customers, use the formula: Opening Accounts Receivable + Credit Sales - Closing Accounts Receivable. Thus, $20,000 + $840,000 - $40,000 = $820,000.

From the Following Information Calculate the Cash Received from Customers