Answered: Balance of trade receivables is R87300…

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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Question

Balance of trade receivables is R87300 Debtors were oftered a 5% settement discount. Only 94% of debtors setteled their balances and the remainder of debtors book was sold to a dept agency at 65% discount. Diaw up the trade receivables caccount and close of balances.

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Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

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