A sole proprietorship reported the following transactions for the month of March.The transactions have been journalized and posted to the proper accounts. Mar. I The business received $\$ 8,000$ cash from the owner in excharge for capital.
Mar. 2 Paid the first month's rent of $\$ 600$.
Mar. 3 Purchased equipment by paying $\$ 1,000$ cash and executing a note payable for $\$ 3,000$.
Mar. 4 Purchased office supplies for $\$ 600$ cash.
Mar. 5 Billed a client for $\$ 11,000$ of desipr services completed.
Mar. 6 Received $\$ 9,000$ on account for the services previously recorded. What is the balance in Accounts Receivable?

Question

Quizplus · Accepted Answer

The balance in Accounts Receivable is $2,000. This is because the business billed a client for $11,000 (increasing Accounts Receivable) and then received $9,000 on account (decreasing Accounts Receivable by that amount), leaving a balance of $2,000 ($11,000 - $9,000).

A Sole Proprietorship Reported the Following Transactions for the Month $8,000\$ 8,000$8,000

A Sole Proprietorship Reported the Following Transactions for the Month $\$ 8,000$