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Connect .> C e Chegg Study | Guided S? Secure ! https://newconnect.mheducation.com/flow/connect.html Ch. 21 - Brief Exercises (60 minutes) Help Save & Exlt Submlt Saved 3 Check my work Brief Exercise 21-1 Determine cash received from customers [LO21-3] Horton Housewares' accounts receivable decreased during the year by $16.0 million. What is the amount of cash Horton received from customers during the reporting period if its sales were $63 million? Prepare a 8.33 points summary entry that represents the net effect of the selling and collection activities during the reporting period. eBook References Complete this question by entering your answers in the tabs below Cash Receved General Journal What is the amount of cash Horton received from customers during the reporting period if its sales were $63 million? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5.) ash million Cash Received General Journal> Mc Graw Hill 2-21 PM 4/29/2018 ^

Explanation / Answer

Rreq 1: Cash received from customers: Sales during the period: 63 million Add: Decrease in Accounts receivable at the end 16 million Cash received from customers: 79 million Req 2: Dr. Million $ Cr . Million $ Journal entry: Cash Account Dr. 79          Sales revenue Account 63          Accounts receivable Account 16

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