Problem: During October, Corporation Incorporated had credit sales of $350,000. The balance sheet at October 1 and 31 showed a balance in Accounts Receivable of $125,000 and $175,000, respectively, and a balance in Accounts Payable of $200,000 and $110,000, respectively. What amount of cash was collected from customers on account during October? a. $350,000 b. $300,000 c. $50,000 d. $40,000

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Problem Details

During October, Corporation Incorporated had credit sales of $350,000. The balance sheet at October 1 and 31 showed a balance in Accounts Receivable of $125,000 and $175,000, respectively, and a balance in Accounts Payable of $200,000 and $110,000, respectively. What amount of cash was collected from customers on account during October?

a. $350,000

b. $300,000

c. $50,000

d. $40,000

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