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28 July, 07:43

On September 30, Valerian Co. had a $110,000 balance in Accounts Receivable. During October, the company collected $110,390 from its credit customers. The October 31 balance in Accounts Receivable was $104,000. Determine the amount of sales on account that occurred in October.

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  1. 28 July, 11:00
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    The correct answer is $104,390.

    Explanation:

    According to the scenario, the given data are as follows:

    Accounts receivable on Sep. 30 = $110,000

    Collected amount in Oct. = $110,390

    Accounts receivable on Oct. 31 = $104,000

    So, we can calculate the sales on account in October by using following formula:

    Sales = Closing Balance + Amt received from Creditor - Opening Acct Receivable

    = $104,000 + $110,390 - $110,000

    = $104,390

    Hence, the sales on account during October is $104,390.
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Home » Business » On September 30, Valerian Co. had a $110,000 balance in Accounts Receivable. During October, the company collected $110,390 from its credit customers. The October 31 balance in Accounts Receivable was $104,000.
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