Question: Based on the below transactions, IF you were to journalize and post them, state how much would be the balance of the accounts receivable account

Based on the below transactions, IF you were to journalize and post them, state how much would be the balance of the accounts receivable account only and state what type of balance this account would have at the end of the period (debit or credit) (4 pts total). You are not asked to journalize and post. Do only what is asked.

Owner invested $5,000 cash

Billed customers for services provided, $4,000

Purchased supplies on account, $1,000

Paid creditor, $200

Received $350 from customers on account

Provided services to customers and received cash, $200

Customers made payment of $500 on account

Step by Step Solution

★★★★★

3.37 Rating (144 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Account Receivable has 3150 at the end of period It is debit Balance Explanation working 1 Account ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

info 1 b c Sales Mountain Sports Ltd. Contribution Margin Income Statement For the Year Ended Dec 31, 2019 TOTAL $1,782,918 Less: Variable Costs (must be listed in alphabetical order): Rent PERCENT...

If you were to walk briefly in space without a spacesuit while far from the Sun (as an astronaut does in the movie 2001, A Space Odyssey), you would feel the cold of space-while you radiated energy,...

What audit procedures might you perform if you were to decide that the risk of fraud involving the cash account was relatively high for this client?

If you were to draw an age structure diagram for Poland, with a total fertility rate of 1.3, which of the following overall shapes would the diagram have? Explain why a country like Poland faces a...

Silver Ridge Plumbing?s year end is October 31. The company?s trial balance prior to adjustments follows: Additional information: 1. The equipment has an expected useful life of 10 years. The...

You have been assigned to the audit of Mid-State Electronics Corporation, a medium-size distributor of electronics equipment serving a geographic area within a radius of 150 miles. Mid-State has...

Three friends, Archie, Betty, and Veronica, are planning a party. They disagree about how many people to invite. Each person I has a quasilinear utility function of the form mi + ui(x) where mi is...

We will start by configuring a system to complete a sort in the least possible time, with no limits on how much we can spend. To get peak bandwidth from the sort, we have to make sure all the paths...

As discussed in the text, in the absence of market imperfections and tax effects, we would expect the share price to decline by the amount of the dividend payment when the stock goes ex dividend....

Fewer employees in the private sector are unionized, compared with those who work in the public sector (16.4 vs. 71.4 percent in 2012). Does being in a labour union make a difference for optimal...

If you were advising union and management representatives about how to solve their conflicts, drawing from the artefacts in the UIF-Accor case and the concepts in this chapter, what would you tell...

Think more has decided to price its new video camera pen to earn a 20% return on its investment (ROI) of $1,000,000. LO 2 Markup = 20%, ROI of $1,000,000 so the Expected ROI will be?

Suppose Baskin Robbins wants to know why some people do not eat ice cream regularly. Develop a cartoon test for this purpose.

Find the area of the surface ( surface area ) obtained by rotating the curve = 3 3 from = 0 , = 2 about the x - axis

Prepare a statement of cash flow using the indirect and direct method using the information below. Assets Land DRAGON LTD. Comparative Statements of Financial Position December 31 (NT$ in thousands)...

For the following statement determine whether each of them is "True" or "False". "True" means "always true" and "False" means "not necessarily true". A subdivision of a connected graph is connected....

Is ClCh2CooH or BrCh2CooH more acidic?

f How has global business expansion impacted the demands on human resource management? O Businesses must understand the laws and customs that apply to employees in other countries. O Businesses must...

Santana Rey created Business Solutions on October 1, 2011. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...

During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim...

Siblings Jordan and Morgan Hartley are partners in a trendy toy store called ToyMania! Jordan, as senior partner, receives an annual salary allowance of $20,000 and 60 percent of all income/losses...

Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows: During July, the last month of the fiscal...

The following transactions, adjusting entries, and closing entries were completed by Elko Contractors Co. during the year ended December 31, 2006: Mar. 15. Received 60% of the $18,500 balance owed by...