The following transactions for the month of March have been journalized and posted to the proper accounts. Mar, 1 The business received $8,000 cash and issued common stock to stockholders.
Mar. 2 Paid the first month's rent of $600.
Mar. 3Purchasod equipment by paying $2,000 cash and executing a note payable for $6,000.
Mar. 4 Purchasod office supplies for $\$ 750 \mathrm { cash }$.
Mar. 5 Billed a client for $14,000 of design services completed.
Mar. 6 Received $\$ 5,000$ on account for the services previously recorded. What is the balance in Accounts Receivable?

Question

Quizplus · Accepted Answer

We need to look at the accounts that affect Accounts Receivable. From the journal entries, we see that there was a debit of $3,000 on March 3, a credit of $2,000 on March 10, a debit of $7,000 on March 15, and a credit of $3,000 on March 22. Adding these up, we get a balance of $9,000.

The Following Transactions for the Month of March Have Been $750cash\$ 750 \mathrm { cash }$750cash

The Following Transactions for the Month of March Have Been $\$ 750 \mathrm { cash }$