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What are the balances for sales revenue

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During 20X7, Milky Way Corporation made sales of $4,600 (assume all on account) and collected cash of $4800 from customers. Operating expenses totalled $1,100, all paid in cash. At year end 20x7 , Milky way customers owed the company $500, milky way owed creditors 1,200 on account. All amounts are in thousands.

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Problem 1: Under cash accounting, what are the balances for: (a) sales revenue and (b)accounts receivable?

Problem 2: Under accrual accounting, what are the balances for: (a) sales revenue and (b) accounts receivable?

Reference no: EM132620917

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