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How much cash did aquino collect on accounts receivable

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Aquino Services billed P1,200,000 for services to clients on account and had expenses of P500,000 on account. Accounts receivable had a beginning balance of P120,000 and ending balance of P80,000.

Problem 1: How much cash did Aquino collect on accounts receivable and what type of entry to such was made?

Option 1: P740,000; credit
Option 2: P1,240,000; credit
Option 3: P1,240,000; debit
Option 4: P740,000; debit

Reference no: EM132820051

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