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Warren Company began the accounting period with a $34,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $80,000. The accounts receivable account at the end of the accounting period contained a $17,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $29,000 $97,000 $85,000 $69,000

Warren Company began the accounting period with a $34,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $80,000. The accounts receivable account at the end of the accounting period contained a $17,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $29,000 $97,000 $85,000 $69,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Warren Company began the accounting period with a $34,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $80,000. The accounts receivable account at the end of the accounting period contained a $17,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $29,000 $97,000 $85,000 $69,000
Transcribed Image Text:Warren Company began the accounting period with a $34,000 debit balance in its accounts receivable account. During the accounting period, the company recorded revenue on account amounting to $80,000. The accounts receivable account at the end of the accounting period contained a $17,000 debit balance. Based on this information, what is the amount of cash collected from customers during the period? Multiple Choice $29,000 $97,000 $85,000 $69,000
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