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Question - Given: Financial information for Aco fiscal years ending 2019 and 2018 (all balances are normal)
Item/Account
2019
2018
Accounts Receivable
$45,000
$30,000
Inventory
40,000
35,000
Net Sales (all credit)
450,000
350,000
Cost of Goods Sold
150,000
Net income
27,000
24,000
Required - Determine accounts receivable average collection period for FY 2019?
How would you update the journal entries with the answered balances?
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