Use the five transactions below for Hennigan Rentals to answer the questions that follow.Dec. 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days.8 Hennigan accepts advance deposits for tool rentals of $75.15 Hennigan receives a bill from Farmer's Electric Company for $150. Payment is due in 30 days.20 Customers are charged $750 by Hennigan for tool rentals. Payment is due from the customers in 30 days.31 Hennigan receives $500 in payments from the customers that were billed for rentals on December 20.Refer to the transactions for Hennigan Rentals.Based on the above transactions, how much is still owed to Hennigan on December 31 from its customers?a.$500b.$750c.$250d.$0. Please answer properly

Account receivable means the amount due from customer whom we sold the goods on credit.

Answered: Use the five transactions below for…

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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Use the five transactions below for Hennigan Rentals to answer the questions that follow.

Dec. 1		Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days.
8		Hennigan accepts advance deposits for tool rentals of $75.
15		Hennigan receives a bill from Farmer's Electric Company for $150. Payment is due in 30 days.
20		Customers are charged $750 by Hennigan for tool rentals. Payment is due from the customers in 30 days.
31		Hennigan receives $500 in payments from the customers that were billed for rentals on December 20.

Refer to the transactions for Hennigan Rentals.

Based on the above transactions, how much is still owed to Hennigan on December 31 from its customers?

a.$500

b.$750

c.$250

d.$0. Please answer properly

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