Kennewick corp had a beginning balance in accounts, Accounting Basics

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Kennewick corp had a beginning balance in accounts

Question: 1. Assume the same information as BE8-3 and that on March 4, 2017, Safer Co. receives payment of $4,300 in full from Madonna Inc. Prepare the journal entries to record this transaction.

2. Kennewick Corp. had a beginning balance in accounts receivable of $70,000 and an ending balance of $91,000. Credit sales during the period were $598,000. Determine cash collections.

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