Land Reclamation Industries Began the Year with $46,700 in Accounts

question 14

Multiple Choice

Land Reclamation Industries began the year with $46,700 in Accounts Receivable and ended the year with $31,900 in Accounts Receivable. If sales for the year were $687,000, the cash collected from customers during the year amounted to:

• A) $701,800
• B) $733,700
• C) $655,100
• D) $672,200

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Definitions:

Error

A mistake in recording financial data, which can be due to miscalculation, oversight, or misunderstanding of accounting principles.

Ledger

A book or other collection of financial accounts of a particular type or for a specific purpose in accounting.

Journal

A formal record where all financial transactions of a business are initially recorded, date-wise, before being posted to the general ledger.

Trial Balance

A statement that lists all the balances of the general ledger accounts of a business at a particular time to check the correctness of double-entry bookkeeping.