If Accounts Receivable Has Debit Postings of $29,000, Credit Postings

question 79

Multiple Choice

If Accounts Receivable has debit postings of $29,000, credit postings of $22,000, and a normal ending balance of $24,000, which of the following was its beginning balance?

• A) $31,000 Dr.
• B) $17,000 Dr.
• C) $17,000 Cr.
• D) $31,000 Cr.

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Definitions:

Securities Accounting Standards (SASs)

A set of guidelines and rules for the accounting and reporting of transactions involving securities.

Accounting Principles

The rules and guidelines that companies must follow when reporting financial data.

Interim Financial Statements

Periodic financial statements prepared during the fiscal year, providing an update on a company's financial position and performance between annual reports.

Voting Stock

Shares of a corporation's stock that entitle the shareholder to vote on company matters, such as electing directors.