A https//edugen. wileyplus tudent/mainfr.uni Kimmel, Accounting, 6e tice Gradebo

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A https//edugen. wileyplus tudent/mainfr.uni Kimmel, Accounting, 6e tice Gradebook ORION Downloadable eTextbook Question1 The following are sales of The Holiday Store during February. The Store sells seasonal holiday items. 2/3 Sold 50 heart balloons for $5 cash each 2/8 Sold 100 boxes of chocolates at $10 each, terms 2/10, n/30. Collected within the discount period. 2/10 Sold 50 heart necklaces for $25 each with no discount. Have not collected as of month end. 2/14 sold 100 bouquets of roses at $30 per bouquet Half the sales were on account. By month end, 75% of the credit sales were collected. 2/27 Sold 20 leftover heart necklaces to a discount store for $15 each on credit. 2/28 Sold a display cabinet at a swap meet for $100 on account. Determine the balance in Accounts Receivable at 2/28. Total Accounts Receivable Ques

Explanation / Answer

2/8 sales collected within discount period. means within 10days. so it will not lye in accounts receivable

Balance from 2/10 sales (50*$25) $ 1,250 Balance from 2/14 sales (($30*100)*50%*75%) $ 1,125 Balance from 2/27 sales (20*$15) $     300 Balance from sale of display cabinet $     100 Total accounts receivable $ 2,775

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