A company sold goods for $100,000 during 2007. Of this amount, $60,000 was cash and $40,000 was on account. The company collected $20,000 of the sales on account during 2001. In conformity with the revenue principle, the amount of revenue that should be recognized in 2007 is ___________________.

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The Answer of A company sold goods for $100,000 during 2007. Of this amount, $60,000 was cash and $40,000 was on account. The company collected $20,000 of the sales on account during 2001. In conformity with the revenue principle, the amount of revenue that should be recognized in 2007 is ___________________.

A Company Sold Goods for $100,000 During 2007