Question

. On February 1, Paymore Inc. had a balance of $105,000 in Accounts Receivable. During February the company collected $78,000 from its credit customers. Also, the customer returned goods worth $11,650 because of wrong specification. The balance in Accounts Receivable at 2/28 is $83,000. What was the amount of credit sales for the month of February

Answer 1

• All working forms part of the answer

Cash collected from accounts receivables	$           78,000.00
Return of Goods	$           11,650.00
Ending balance of Accounts receivables	$           83,000.00
Total	$         172,650.00
Less: Beginning balance of Accounts receivables	$         105,000.00
Amount of Credit Sales for the month	$           67,650.00 = Answer

• Answer = $ 67,650