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Question
M. Cornett is a corporation that sells breakfast cereal. Based on the accounts listed below, what are M. Cornett’s total trade receivables?
Income tax refund due $ 500
Advance due to the company from
the company president 300
3-month note due from M. Cornett’s main customer 2,000
Interest due this month on the above note 100
Due and unpaid from this month’s sales 5,000
Due and unpaid from last month’s sales 1,000
a. $6,000
b. $8,000
c. $7,000
d. $8,900
Answer
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