Sheffield Discount Retail Company had a balance in the Accounts Receivable account of $690000 at the beginning of the year and a balance of $770000 at the end of the year. Net credit sales during the year amounted to $5840000. The average collection period of the accounts receivable in terms of days was O 45.6 days. O 91.3 days. O 32.8 days. 48.0 days.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is