During 20X1, Ramona Furniture Warehouse had sales of $4,600,000, of which 70% were on credit. The...
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During 20X1, Ramona Furniture Warehouse had sales of $4,600,000, of which 70% were on credit. The beginning balance in the Accounts Receivable (on January 1, 20X1) was $330,000. The beginning balance in the Allowance for Bad Debts (on January 1,20X1) was $40,000. The amount of accounts written off as uncollectible during the year was $54,000. Bad debt expense for the year was $48,000. The ending balance in Accounts Receivable (on December 31, 20X1) was $480.000 How much CASH was collected from CREDIT customers during the year? $3,076,000 O $3,022,000 O $4,396,000 O $3,016,000 During 20X1, Ramona Furniture Warehouse had sales of $4,600,000, of which 70% were on credit. The beginning balance in the Accounts Receivable (on January 1, 20X1) was $330,000. The beginning balance in the Allowance for Bad Debts (on January 1,20X1) was $40,000. The amount of accounts written off as uncollectible during the year was $54,000. Bad debt expense for the year was $48,000. The ending balance in Accounts Receivable (on December 31, 20X1) was $480.000 How much CASH was collected from CREDIT customers during the year? $3,076,000 O $3,022,000 O $4,396,000 O $3,016,000
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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