Question: Partial balance sheets and additional information are listed below for Julius Company. Julius Company Partial Balance Sheets as of December 3 1 2 0 2

Partial balance sheets and additional information are listed below for Julius Company.
Julius Company
Partial Balance Sheets as of December 31
20242023
Assets:
Cash $21,000 $41,000
Accounts receivable 91,50061,000
Inventory 41,00026,000
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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