What was the amount of collection from customer? Zenox Corporation had an ending balance inthe Accounts Receivable account of $15,500,while the beginning balance was $22,000.Services billed to customers for the periodamounted to $36,000. What was the amountof collections from customers?

Explanation of Accounts Receivable:Accounts receivable represent the amounts owed to a business by…

Answered: Zenox Corporation had an ending balance…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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Quality Products has the following data: beginning accounts receivable $35,000, credit sales $420,000, cash collections $390,000, and write-offs $5,000. What is the ending accounts receivable balance?
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?
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What is the accounts receivable balance?
A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1 to 30 days past due are 2% uncollectible; and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible. What is the net realizable value of the accounts receivable? $150,000 $148,000 $145,000 $143,000
LindaServices had an accounts receivable balance of $88,200 on October 1. During October, the company collected $412,000 from customers on account. If theaccounts receivable balance on October 31 was $91,700, what amount was billed to customers on account during October? Need answer
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What is the accounts receivable balance?
LindaServices had an accounts receivable balance of $88,200 on October 1. During October, the company collected $412,000 from customers on account. If theaccounts receivable balance on October 31 was $91,700, what amount was billed to customers on account during October? Need answer to this accounting question
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Zenox Corporation had an ending balance in the Accounts Receivable account of $15,500, while the beginning balance was $22,000. Services billed to customers for the period amounted to $36,000. What was the amount of collections from customers?