Balance in accounts receivable
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Gaskin Industries began 2008 with a debit balance in accounts receivable of $16,000. During 2008 Gaskin incurred expenses of $62,000. Also, in 2008, Gaskin sold $115,000 worth of merchandise to customers of which $112,000 was collected by year end.
What is the balance in accounts receivable in 12/31/08?
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The solution explains how to calculate the balance in accounts receivable within the context of auditing.
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