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Homework answers / question archive / H Company's accounting records show: Credit sales for the year                  600,000 Discounts provided for early payment        15,000 Opening balance of accounts receivable     100,000 Closing balance of accounts receivable      90,000   The cash received from customers is: A

H Company's accounting records show: Credit sales for the year                  600,000 Discounts provided for early payment        15,000 Opening balance of accounts receivable     100,000 Closing balance of accounts receivable      90,000   The cash received from customers is: A

Accounting

H Company's accounting records show:

Credit sales for the year                  600,000

Discounts provided for early payment        15,000

Opening balance of accounts receivable     100,000

Closing balance of accounts receivable      90,000

 

The cash received from customers is:

A.$600,000.

B.$610,000.

C.$595,000.

D.$590,000.

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Answer:

C. $595,000

Step-by-step explanation

Cash received from customers = Opening Balance + Credit Sales - Discounts provided - Closing Balance

= 100,000 + 600,000 - 15,000 - 90,000

= $595,000

Hence Option C.