Partial balance sheets and additional information are listed below for Julius Company Julius Company Partial Balance Sheets as of December 31 2024 2023 Assets Cash $21,000 $41,000 Accounts receivable 91,500 61,000 Inventory 41,000 26,000 Liabilities Accounts payable $73,000 $59,000 Additional information for 2024 Net income was $71,000 Depreciation expense was $31,000 Sales totaled $601,000 Cost of goods sold totaled $326,000 Required Prepare the summary entry for the amount of cash received from customers during 2024

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Question: Partial balance sheets and additional information are listed below for Julius Company. Julius Company Partial Balance Sheets as of December 31 2024 2023 Assets: Cash

Partial balance sheets and additional information are listed below for Julius Company.

Julius Company Partial Balance Sheets as of December 31
	2024	2023
Assets:
Cash	$21,000	$41,000
Accounts receivable	91,500	61,000
Inventory	41,000	26,000
Liabilities:
Accounts payable	$73,000	$59,000

Additional information for 2024: Net income was $71,000. Depreciation expense was $31,000. Sales totaled $601,000. Cost of goods sold totaled $326,000. Required: Prepare the summary entry for the amount of cash received from customers during 2024.

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