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Use the following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,000

Use the following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,000

FINANCIAL ACCOUNTING
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 following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,000
Transcribed Image Text:Use the following information to answer questions 1-3: January Cash Sales $40,000 Credit Sales $120,000 February March April $35,000 $110,000 $25,000 $90,000 $30,000 $100,000 20% of the credit sales are collected in the month of sale, 70% in the month after sale, and 10% in the second month after sale. What is the balance of accounts receivable on March 31? Multiple Choice $11,000 $12,000 $72,000 $83,000
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