Customer pays cash to fulfill its accounts

Reference no: EM133611544

Part I - Practice Transactions Company A begins its financial year on January 1 and ends the year on December 31. Please indicate the net effect of the following transactions on the year-end financial statements (increase, decrease, no change) for Company A. Only consider the impact of the immediate transaction - DO NOT consider future use of the item. Example On August 1, a customer pays cash to fulfill its accounts receivable obligation. It is a relief to the management of company A since the account was 58 days past due (normal payment terms are 30 days after delivery).

Reference no: EM133611544

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