On January 1,2015,the Accounts Receivable of Linda,Inc

question 48

Multiple Choice

On January 1,2015,the Accounts Receivable of Linda,Inc.had a debit balance of $180,000.During January,the company provided services for $700,000 on account.The company collected $230,000 from its customers on account in January.What was the ending balance in the Accounts Receivable account at the end of January?

• A)$470,000
• B)$880,000
• C)$650,000
• D)$700,000

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Definitions:

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, frequently used as an indicator of inflation.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, leading to a decrease in the purchasing power of currency.

Inflation Rate

The percentage increase in the general price level of goods and services in an economy over a period of time, usually a year.

Market Basket

A selected set of goods and services used to track an economy's inflation or cost of living over time.