Horizon Services, a consulting firm, made two sales during 2023: • Sale #1: $70,000 (on account) ⚫ Sale #2: $90,000 (cash collected same day as service . provided) Additional information about Horizon's Accounts Receivable: ⚫ Beginning Accounts Receivable = $20,000 • Ending Accounts Receivable = $25,000 Required: How much cash did Horizon Services collect in 2023?

Horizon Services, a consulting firm, made two sales during 2023: • Sale #1: $70,000 (on account) ⚫ Sale #2: $90,000 (cash collected same day as service . provided) Additional information about Horizon's Accounts Receivable: ⚫ Beginning Accounts Receivable = $20,000 • Ending Accounts Receivable = $25,000 Required: How much cash did Horizon Services collect in 2023?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

See similar textbooks

Similar questions

During the first year of operation, Year 1, Direct Service Company recognized $304,000 of service revenue on account. At the end of Year 1, the accounts receivable balance was $59,759. For this first year in business, the owner believes uncollectible accounts expense will be about 7 percent of sales on account. Required a. What amount of cash did Direct Service collect from accounts receivable during Year 1? b. Assuming Direct Service uses the allowance method to account for uncollectible accounts, what amount should Direct Service record as uncollectible accounts expense for Year 1? c. Prepare the general journal entries to: (1) Record service revenue on account. (2) Record collections from accounts receivable. (3) Record the entry to recognize uncollectible accounts expense. d. What is the net realizable value of receivables at the end of Year 1? e. Show the effects of the transactions in Requirement c on the financial statements by recording the appropriate amounts in a horizontal…
The following account balances come from the records of Ourso Company: Beginning Balance $3,099 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 127 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
????!!
can you please solve this financial accounting
Please need help with this accounting question answer do fast
Please provide the correct answer to this general accounting problem using valid calculations.
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
Ultra Day Spa provided $87,050 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 3 percent service charge. Required a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model like the one shown next. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.) Event 1. 2. Cash ULTRA DAY SPA Horizontal Statements Model Income Statement Balance Sheet Statement of Assets Llab. Acct. Rec. Equity Ret. Ear. Revenue Expense = Net Income Cash Flows
The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…
I need assistance with this general accounting question using appropriate principles.
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 3,141 Ending Balance $ 3,982 202 116 During the accounting period, Ourso recorded $12,300 of sales revenue on account. The company also wrote off a $123 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable