At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional
services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services
to be provided in the future. At the end of January, the balance in the accounts receivable account should be:

$49,700

Explanation:

Opening balance for accounts receivable:  $52,000

Add services provided on account :  $12,500

total due from customers :    $64,500

less payment received :    $14,800

Closing balance :      $49,700

The amount received as prepayment is not a receivable but a liability. Receivable refers to money owed to a business by customers for goods or services delivered by payment has not been made.

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds

answer; planning;