The opening and closing balances of accounts receivable were $100 000 and $170 000 respectively.Sales on credit were $200 000.What was the amount of cash received from customers?

Question

Quizplus · Accepted Answer

The cash received from customers can be calculated by subtracting the closing balance of accounts receivable from the sum of opening balance and sales on credit. 
Cash received = Opening balance + Sales on credit - Closing balance
Cash received = $100 000 + $200 000 - $170 000
Cash received = $130 000

The Opening and Closing Balances of Accounts Receivable Were $100