If Accounts Receivable has debit postings of $58,000,credit postings of $44,000,and a normal ending balance of $48,000,which of the following was its beginning balance?
A) $62,000 Dr.
B) $34,000 Dr.
C) $34,000 Cr.
D) $62,000 Cr.

Question

Quizplus · Accepted Answer

We can use the accounting equation: Assets = Liabilities + Equity. 
Accounts Receivable is an asset account. 
Beginning balance + Debit Postings - Credit Postings = Ending Balance 
Beginning balance + $58,000 - $44,000 = $48,000 
Beginning balance = $34,000 (debit) 
Therefore, the answer is B.

If Accounts Receivable Has Debit Postings of $58,000,credit Postings of $44,000,and