During November, Florist Grump, Inc. performed $26,000 of services on account and sent bills to its customers. In November, Florist Grump collected $2,000 from these credit customers. How much revenue should Florist Grump record in November?

During November, Florist Grump, Inc. performed $26,000 of services on account and sent bills to its customers. In November, Florist Grump collected $2,000 from these credit customers. How much revenue should Florist Grump record in November?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10EA: Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

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Accounting for Cash and cash equivalents

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