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Beginning and Ending Balances for Selected Accounts Are as Follows

question 62

Essay

Beginning and ending balances for selected accounts are as follows:
12/31/171/01/17 Accounts receivable $14,000$19,000 Revenue received in advance 6,0003,000\begin{array} { l r r r } & 12 / 31 / 17 & 1 / 01 / 17 \\\hline \text { Accounts receivable } & \$ 14,000 & \$ 19,000 \\\text { Revenue received in advance } & 6,000 & 3,000\end{array}
During 2017, sales revenue is $110,000. Calculate the cash collected from customers.


Definitions:

UCC

Short for Uniform Commercial Code, it is a set of laws that provide legal framework for commercial transactions in the United States.

Consideration

A key element in contract law that involves something of value exchanged between parties as part of an agreement.

Consideration

a core concept in contract law that involves something of value exchanged between parties, which is necessary for a contract to be legally binding.

Payment

The transfer of money or goods from one party to another as a fulfillment of an obligation or settlement of a debt.

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