Melons Cost $20 Per Crate, and Apples Cost $8 Per

question 65

Short Answer

Melons cost $20 per crate, and apples cost $8 per crate. An order comes in for a total of 48 crates for $420. What was the number of crates of melons and apples? (Let crates of melons = M.)A. Number of crates of melons; B. Number of crates of apples.

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Definitions:

Contra-Asset Account

An account that offsets or reduces the balance of its related asset account, such as accumulated depreciation reducing the carrying value of fixed assets.

Liability Account

An accounting record that represents a company's legal debts or obligations that arise during business operations.

Cash Basis

An accounting method where revenue and expenses are recognized only when cash is exchanged.

Accounts Receivable

Funds that customers owe to a business for products or services they have received but have not yet paid for.