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I had the question and I need your recommendation:
Receivables at 1 January 20X3 $10000
Receivables at 31 December 20X3 $9000
Total receipts during 20X3 (including cash sales of $5000) $85000
What are the sales on credit during 20X3I did as:
Sales on credit = 85000-5000+9000=89000
But that is a wrong answer
I confused that what is the difference between receivable at 1 January and at 31 December?They received 80,000 cash from credit customers.
10,000 of it was what they were owed at the start of the year, which leaves 70,000
They are still owed 9000 at the end of the year, so the total sales on credit are therefore 79,000.
(The total sales are 84,000 because of the 5,000 cash sales as well).
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