A-One Construction
The following data are from the company's records for Year 1:
$\begin{array}{ll}
\text { Accounts receivable -January 1, Year 1 } & \$ 455,000 \
\text { Credit sales during Year 1 } & 900,000 \
\text { Collections from credit customers during Year 1 } & 825,000 \
\text { Customer accounts written off as uncollected during Year 1 } & 15,000\
\text {Allowance for doubtful accounts}\
\text {(after write-off of uncollected accounts)}&2,100\
\text {Estimated uncollected accounts based on an aging analysis}&29,200
\end{array}$
-Refer to the figure A-One Construction.What is the balance of accounts receivable at December 31,Year 1?

Question

A-One Construction
The following data are from the company's records for Year 1:
 $\begin{array}{ll}
\text { Accounts receivable -January 1, Year 1 } & \$ 455,000 \
\text { Credit sales during Year 1 } & 900,000 \
\text { Collections from credit customers during Year 1 } & 825,000 \
\text { Customer accounts written off as uncollected during Year 1 } & 15,000\
\text {Allowance for doubtful accounts}\
\text {(after write-off of uncollected accounts)}&2,100\
\text {Estimated uncollected accounts based on an aging analysis}&29,200
\end{array}$
-Refer to the figure A-One Construction.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 balance ($455,000) + Credit sales ($900,000) - Collections ($825,000) - Write-offs ($15,000) = $515,000.

A-One Construction the Following Data Are from the Company's Records

A-One Construction
the Following Data Are from the Company's Records