Horton Housewares\' accounts receivable decreased during the year by $20.0 milli

Question

Horton Housewares' accounts receivable decreased during the year by $20.0 million.

What is the amount of cash Horton received from customers during the reporting period if its sales were $63.0 million? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Horton Housewares' accounts receivable decreased during the year by $20.0 million.

Horton Housewares' accounts receivable decreased during the year by $20.0 million. a. What is the amount of cash Horton received from customers during the reporting period if its sales were 563.0 million?(Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) million b. Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the net effect of the selling and collection activities. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

a Cash received = 63+20 = $83 million b Cash 83         Accounts receivable 20         Sales revenue 63

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