Determine the balance in Accounts Receivable at 2/28. Total Accounts Receivable
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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 alt="The following are selected transactions of Sandhill during February, The Store sells seasonal holiday items.
2/3
2/8
2/10
2/14
2/28
2/28
Sold 58 heart balloons for $5 cash each.
Sold 90 boxes of chocolates at $10 each, terms 2/10, n/30. Collected within the discount period.
Sold 53 heart necklaces for $22 each with no discount. Have not collected as of month-end.
Sold 160 bouquets of roses at $32 per bouquet. Half the sales were on account. By month-end, 75% of the credit sales
were collected.
Sold 29 leftover heart necklaces to a discount store for $18 each on credit.
Provided a loan to the company president for $230,
Determine the balance in Accounts Receivable at 2/28.
Total Accounts Receivable.
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