Horton Housewares\' accounts receivable decreased during the year by $13.0 milli

Question

Horton Housewares' accounts receivable decreased during the year by $13.0 million a. What is the amount of cash Horton received from customers during the reporting period if its sales were $53.5 million? (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash 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). f 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

Explanation / Answer

a. Cash $53.5 million

b.

Sales 53.5 Decrease in Accounts receivable 13 Cash received from customer 66.5

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