Question: Partial balance sheets and additional information are listed below for Funk Company. 34 5/10 points awarded Tunk Company Partial Balance Sheets as of December 31
Partial balance sheets and additional information are listed below for Funk Company. 34 5/10 points awarded Tunk Company Partial Balance Sheets as of December 31 2021 2020 Assets Cash $36,000 $18,000 Accounts receivable 92,000 88,400 Inventory 23,000 36,000 Liabilities Accounts payable $56,000 $68,000 Scored Additional information for 2021 Net income was $166,000. Depreciation expense was $26,000. Sales totaled $760,000. Cost of goods sold totaled $321000. Required: Prepare the summary entry for the amount of cash received from customers during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Credit No 1 Event 1 Debit 756,400 Cash Accounts receivable 756,400 x *Red text indicates no response was expected in a celor a formule-based calculation is incorred; no points deducted
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