The Opening and Closing Balances of Accounts Receivable Were $100

question 19

Multiple Choice

The opening and closing balances of accounts receivable were $100 000 and $170 000 respectively.Sales on credit were $200 000.What was the amount of cash received from customers?

• A) $130 000
• B) $200 000
• C) $270 000
• D) $300 000.

---

Definitions:

End-of-Year Spreadsheet

A document summarizing financial and accounting information at the conclusion of the fiscal year, aiding in analysis and decision-making.

Adjusted Trial Balance

A report that lists all the accounts and their balances after adjustments, used to ensure the total debits equal total credits before generating financial statements.

Closing Entries

Transactions noted at the end of an accounting cycle for the purpose of transferring balances from temporary accounts to their permanent counterparts.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.