At June 1, 2021, Coquehcot Industries Had an Accounts Receivable

question 81

Essay

At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000.During the month, the company performed services on account of $30,000 and collected accounts receivable of $22,000.What is the balance in accounts receivable at June 30, 2021?

---

Definitions:

Tort Liability

Legal responsibility arising from civil wrongs not arising out of contractual obligations, resulting in harm or injury to another.

Principal

The main party to a transaction, agreement, or contract, often responsible for fulfilling the obligations set within.

Third Persons

Individuals who are not a direct party to a legal agreement or transaction but may be affected by it or have certain rights or obligations related to it.

Consideration

Something of value exchanged between parties in a contract, making the agreement binding and legally enforceable.