Give true answer On July 1, the accounts receivable accountbalance was $25,500. During July, $115,000was collected from customers on account.Assuming the July 31 balance was $27,500,determine the fees billed to customers onaccount during July.

Step 1: Introduction to the Account ReceivableAccounts receivable is used to maintain a trace of the…

Answered: On July 1, the accounts receivable…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
On September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the company collected $111,890 from its credit customers. The October 31 balance in Accounts Receivable was $107,000. Determine the amount of sales on account that occurred in October.
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At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
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On July 1, the accounts receivable account balance was $25,500. During July, $115,000 was collected from customers on account. Assuming the July 31 balance was $27,500, determine the fees billed to customers on account during July.