Question

The following are sales of Metlock, Inc. during February. The Store sells seasonal holiday items.

2/3		Sold 60 heart balloons for $5 cash each.
2/8		Sold 99 boxes of chocolates at $10 each, terms 2/10, n/30. Collected within the discount period.
2/10		Sold 64 heart necklaces for $25 each with no discount. Have not collected as of month end.
2/14		Sold 150 bouquets of roses at $32 per bouquet. Half the sales were on account. By month end, 75% of the credit sales were collected.
2/27		Sold 24 leftover heart necklaces to a discount store for $18 each on credit.
2/28		Sold a display cabinet at a swap meet for $220 on account.

Determine the balance in Accounts Receivable at 2/28.

Total Accounts Receivable

$Enter total Accounts Receivable in dollars

Answer 1

Date	Transaction	Amount ($)
(2/10)	Sales on account (64 x $25)	1,600.00
(2/14)	Sales on account (150 x $32 x 0.50 x 0.25)	600.00
(2/27)	Sales on account (24 x $18)	432.00
(2/28)	Sales on account ($220)	220.00
	The balance in Accounts Receivable at 2/28	2,852.00
Hence, the balance in Accounts Receivable at 2/28 will be $2,852.00