You are given the following information:
Receivables at 1 January 20X3
$10,000
Receivables at 31 December 20X3
$9,000
Total receipts during 20X3 (including cash sales of $5,000)
$85,000
What is the figure for sales on credit during 20X3?
$________
The correct answer is:$79,000.
Credit sales = $80,000 - $10,000 + $9,000 = $79,000
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