These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash from receivables $10,600 Contra with payables ledger $5,000 Increase in allowance for receivables $580 What were sales during the year? A $5,100 B $14,520 C $15,100 D $15,680

These figures relate to receivables: Balance at 1/1/X1 $2,500 Balance at 31/12/X1 $2,000 Cash from receivables $10,600 Contra with payables ledger $5,000 Increase in allowance for receivables $580 What were sales during the year? A $5,100 B $14,520 C $15,100 D $15,680

Name: These figures relate to receivables:Balance at 1/1/X1 $2,500Balance at
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Description: These figures relate to receivables:Balance at 1/1/X1 $2,500Balance at 31/12/X1 $2,000Cash from receivables $10,600Contra with payables ledger $5,000Increase in allowance for receivables $580What were sales during the year?A $5,100B $14,520C $15,100D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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

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Question

These figures relate to receivables:

Balance at 1/1/X1 $2,500

Balance at 31/12/X1 $2,000

Cash from receivables $10,600

Contra with payables ledger $5,000

Increase in allowance for receivables $580

What were sales during the year?

A $5,100

B $14,520

C $15,100

D $15,680

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