contestada

Accounts receivable, 1/1/X2 $ 650,000 Credit sales for 20X2 2,700,000 Sales returns for 20X2 75,000 Accounts written of during 20X2 40,000 Collections from customers during 20X2 2,150,000 Estimated future sales returns at 12/31/X2 50,000 Estimated uncollectible accounts at 12/31/X2 110,000 What amount should Jay report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, 20X2?

Respuesta :

TomShelby

Answer:

gross account receivable: 1,085,000

net account receivable:       925,000

Explanation:

Before adjustment, will be the gross account receivables, after subtracting the allowance account we got the net account receivable.

Beginning Account Receivable: 650,000

Credit sales for the period:       2,700,000

Sales Return                                   (75,000)

Collection from the customers (2,150,000)

write-off receivables:                      (40,000)  

Account receivables (gross)       1,085,000

Allowance for uncollectible

and returns:                                   (160,000)

Account Receivable (net)              925,000

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