At the beginning of January of the current year, Sorrel Co.'s ledger reflected a normal balance of $72,000 for accounts receivable. During January, the company collected $18,800 from customers on account and provided additional services to customers on account totaling $14,500. Additionally, during January one customer paid Mikey $7000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:
A. $69,300.
B. $74,700.
C. $76,300.
D. $4300.
E. $67,700.
Answer: E
You might also like to view...
A technological challenge to information systems is the way characters are usually represented by _____ in computers.
A. whole words B. bytes C. Unicode D. bits
The great disparity in income throughout the world permits worldwide product standardization.
Answer the following statement true (T) or false (F)
A U.S. company makes a sale to a foreign customer receivable in 30 days in the customer's currency. The sale would be recorded by the U.S. company on the date:
A. Of sale using the foreign currency value. B. Of sale using a projected estimate of the U.S. dollar value at payment date. C. Of sale using the current dollar value. D. When payment is received. E. Of sale using a 30-day average U.S. dollar value.
A ‘choice-of-law' provision in an international contract set's forth whether the CISG will govern the contract
Indicate whether the statement is true or false