At the Beginning of January of the Current Year, Thomas

question 105

Multiple Choice

At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

• A) $54,700.
• B) $49,700.
• C) $2,300.
• D) $54,300.
• E) $49,300.

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Definitions:

Everyday Activities

Common and routine actions performed by individuals on a daily basis, such as eating, dressing, and working.

Implicit Instruction

A teaching method where learners acquire knowledge unconsciously through exposure and practice, rather than through explicit teaching of rules and concepts.

Kinship Obligations

Responsibilities and duties that are dictated by the relationships between family members or within a community.

Economic Contributions

The value or services provided by individuals or entities to the overall economy, impacting growth and stability.