Consider the Following Independent Scenarios:a)At January 1, Year 2 Accounts

Essay

Consider the following independent scenarios:a)At January 1, Year 2 accounts receivable was $20,000. Revenue earned on account was $100,000. Cash collected on accounts receivable during Year 1 was $45,000. What was the ending balance in accounts receivable on December 31, Year 2?b)At January 1, Year 2, accounts payable was $17,000. During Year 2, expenses on account were $72,000. The amount of cash paid on accounts payable was $20,000. What was the ending balance in accounts payable on December 31, Year 2?