The Beginning Balance in Accounts Receivable Is $ 8,000

question 28

Multiple Choice

The beginning balance in accounts receivable is $ 8,000.Sales during the period equaled $ 15,000.The ending balance in accounts receivable equals $ 2,000.What was the cash received from customers?

• A)$ 7,000
• B)$ 8,000
• C)$ 15,000
• D)$ 21,000

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Definitions:

Compensatory Damages

Monetary compensation awarded to a plaintiff to cover actual losses, such as injury or damages, resulting from the defendant’s actions.

Nominal Damages

A small sum awarded by a court when a legal wrong has occurred, but where there was no substantial loss or injury to be compensated.

Reformation

A legal process that amends or corrects the terms of a contract to reflect the true intentions of the parties involved.

Specific Performance

A legal remedy requiring a party to execute a contract according to its precise terms, typically applied in real estate transactions or unique goods.