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At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for
accounts receivable. During January, the company collected $14,800 from customers on account and provided additional
services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services
to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

Respuesta :

Samawati

Answer:

$49,700

Explanation:

Opening balance for accounts receivable:  $52,000

Add services provided on account :  $12,500

total due from customers :    $64,500

less payment received :    $14,800

Closing balance :      $49,700

The amount received as prepayment is not a receivable but a liability. Receivable refers to money owed to a business by customers for goods or services delivered by payment has not been made.

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