Reference no: EM132615573
In 2016, a firm has Accounts Receivable with an ending balance of $4,000 and an Accounts Payable with an ending balance of $6,000. During 2017, the following transactions occurred:
I. Bought inventory worth $3,000 using credit
II. Sold goods for $10,000 receiving $8,000 in cash and charging $2,000 to a costumer's credit account
III. Received credit payment of $1,000 from a customer
IV. Paid $2,000 to creditors
Problem 1: What is the ending balance of Accounts Receivable in 2017?
Option 1: Accounts Receivable: $7,000
Option 2: Accounts Receivable: $5,000
Option 3: Accounts Receivable: $1,000
Option 4: Accounts Receivable: $6,000
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