The following data are from the company's records for the year ended December 31:

-Refer to Accelerated Solutions. What is the balance of Accounts Receivable at December 31?

Question

The following data are from the company's records for the year ended December 31:
 
-Refer to Accelerated Solutions. What is the balance of Accounts Receivable at December 31?

Quizplus · Accepted Answer

The balance of Accounts Receivable can be found by adding the beginning balance of $400,000 to the net credit sales of $2,100,000 and subtracting the ending balance of Allowance for Doubtful Accounts of $10,000 and the ending balance of Bad Debt Expense of $8000. This calculation results in a balance of $690,000 (400,000 + 2,100,000 - 10,000 - 8,000 = 690,000).

The Following Data Are from the Company's Records for the Year