Return to question April Wood Products\' accounts receivable increased during th

Question

Return to question April Wood Products' accounts receivable increased during the year by $18.0 million. What is the amount of cash April Wood Products received from customers during the reporting period if its sales were $60.0 million? Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period points Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Cash Received General Journal What is the amount of cash April Wood Products received from customers during the reporting period if its sales were $54.5 million? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) sh million Cash Received General Journal>

Explanation / Answer

1) Cash received = Sales-Account receivable increase

= 60-18

Cash received = 42 million

2) Journal entry :

Date accounts & explanation debit credit Cash 42 Account receivable 18 Sales revenue 60

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