Troy Corp 's statement of cash flows reported an addition of $2,000 for the change in the Accounts Receivable account during the year Sales on account for the year amounted to $24,500 Required Determine the cash collected on accounts receivable for the year ...

Because the change in the Accounts Receivable account du ...

Troy Corp.'s statement of cash flows reported an addition of $2,000 for the change in the Accounts

Question:

Troy Corp.'s statement of cash flows reported an addition of $2,000 for the change in the account during the year. Sales on account for the year amounted to $24,500.
Required
Determine the cash collected on for the year.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...