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What are the cash receipts from customers

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Reference no: EM132761491

Problem 1: When the entity's customer eventually pays for items that have been purchased on credit previously, the transaction will affect:

A. An asset and a liability.

B. An asset and an expense.

C. Two assets.

D. An asset and income.

E. None of the above.

Problem 2: If sales are $45 000, and the beginning and closing accounts receivable balances are $33 000 and $42 000 respectively, what are the cash receipts from customers?

A. $30 000

B. $54 000

C. $36 000

D. $53 000

E. $120 000

Reference no: EM132761491

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