On January 1,2015,the Accounts Receivable of Linda Company Had a Debit

question 72

Multiple Choice

On January 1,2015,the Accounts Receivable of Linda Company had a debit balance of $150,000.During January,the company provided services for $600,000 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)$370,000
• B)$750,000
• C)$520,000
• D)$600,000

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Definitions:

Quantity Demanded

It is the total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Rational Consumer

An economic concept of a consumer who seeks to maximize utility or satisfaction from goods and services within the constraint of their budget.

Price Increase

A rise in the cost of goods or services, which can be due to various factors such as inflation, increased production costs, or higher demand.

Buckwheat Crop

Refers to the agricultural production of buckwheat, a plant cultivated for its grain-like seeds and as a cover crop.