Using the following information, compute the missing information Prepare T accounts to help How does the normal balance of the account affect your solution Cash Account Receivable Cash Accounts Receivable Beginning balance $ 10,000 Beginning balance $ 25,000 Receipts Revenue on account 240,000 Payments 150,000 Collections on account Ending balance $ 20,000 Ending balance $ 21,000

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Question: Using the following information, compute the missing information. Prepare T-accounts to help. How does the normal balance of the account affect your solution? Cash Account

Using the following information, compute the missing information. Prepare T-accounts to help. How does the normal balance of the account affect your solution?

Cash Account Receivable

Cash Accounts Receivable Beginning balance	$ 10,000	Beginning balance	$ 25,000
Receipts	?	Revenue on account	240,000
Payments	150,000	Collections on account	?
Ending balance	$ 20,000	Ending balance	$ 21,000

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