Accelerated Solutions
The following information is from the company's records for Year 1:
$\begin{array}{lr}
\text { Accounts receivable - January 1, Year 1 } & 350,000 \
\text { Credit sales during Year 1 } & 1,200,000 \
\text { Collections from credit customers during Year 1 } & 850,000 \
\text { Customer accounts written off as uncollected during Year 1 } & 10,000 \
\text { Allowance for doubtful accounts -January 1, Year 1 } & 35,000 \
\text { Estimated uncollected accounts based on an aging analysis } & 50,000
\end{array}$
-Refer to the figure Accelerated Solutions.What is the balance of accounts receivable at December 31,Year 1?

Question

Accelerated Solutions
The following information is from the company's records for Year 1:
 $\begin{array}{lr}
\text { Accounts receivable - January 1, Year 1 } & 350,000 \
\text { Credit sales during Year 1 } & 1,200,000 \
\text { Collections from credit customers during Year 1 } & 850,000 \
\text { Customer accounts written off as uncollected during Year 1 } & 10,000 \
\text { Allowance for doubtful accounts -January 1, Year 1 } & 35,000 \
\text { Estimated uncollected accounts based on an aging analysis } & 50,000
\end{array}$
-Refer to the figure Accelerated Solutions.What is the balance of accounts receivable at December 31,Year 1?

Quizplus · Accepted Answer

The balance of accounts receivable at December 31, Year 1, is calculated as follows: Starting accounts receivable ($350,000) + Credit sales during the year ($1,200,000) - Collections from credit customers ($850,000) - Customer accounts written off ($10,000) = $690,000.

Accelerated Solutions the Following Information Is from the Company's Records

Accelerated Solutions
the Following Information Is from the Company's Records