Question: 1. Net sales in a period are $590,000, beginning accounts receivable are $120,000, and ending accounts receivable are $90,000. What cash amount is collected from customers in the period?
2. The Merchandise Inventory account balance decreases in the period from a beginning balance of $32,000 to an ending balance of $28,000. Cost of goods sold for the period is $168,000. If the Accounts Payable balance increases $2,400 in the period, what is the cash amount paid for merchandise inventory?