What was the average collection period? Davenport Fashions had an accounts receivable balance of$375,000 at the beginning of the year and a year-endbalance of $500,000. Net credit sales for the year totaled$3,000,000. What was the average collection period?

Step 1: Definition of Average Collection PeriodThe Average Collection Period measures the average…

Answered: Davenport Fashions had an accounts…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

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Davenport Fashions had an accounts receivable balance of $375,000 at the beginning of the year and a year-end balance of $500,000. Net credit sales for the year totaled $3,000,000. What was the average collection period?