Accelerated Solutions The following data are from the company's records for 2012:
$\begin{array}{ll}
\text { Accounts receivable-J anuary 1, 2012 } & \$ 350,000 \
\text { Credit sales during 2012 } & 1,200,000 \
\text { Collections from cre dit customers during 2012 } & 850,000 \
\text { Customer accounts written off as uncollected during 2012 } & 10,000 \
\text { Allowance for doubtul accounts-Jamuaty 1, 2012 } & 35,000 \
\text { Estimated uncollected accounts bassed on an aging analysis } & 50,000
\end{array}$
-Refer to Accelerated Solutions.What is the balance of Accounts Receivable at December 31,2012?

Question

Accelerated Solutions The following data are from the company's records for 2012:
$\begin{array}{ll}
\text { Accounts receivable-J anuary 1, 2012 } & \$ 350,000 \
\text { Credit sales during 2012 } & 1,200,000 \
\text { Collections from cre dit customers during 2012 } & 850,000 \
\text { Customer accounts written off as uncollected during 2012 } & 10,000 \
\text { Allowance for doubtul accounts-Jamuaty 1, 2012 } & 35,000 \
\text { Estimated uncollected accounts bassed on an aging analysis } & 50,000
\end{array}$ 
-Refer to Accelerated Solutions.What is the balance of Accounts Receivable at December 31,2012?

Quizplus · Accepted Answer

Starting with the beginning balance of accounts receivable: 
$350,000

Add credit sales during 2012: 
$1,200,000

Subtract collections from credit customers during 2012: 
-$850,000

Subtract customer accounts written off as uncollected during 2012: 
-$10,000

The resulting total is the ending balance of accounts receivable: 
$690,000

Accelerated Solutions the Following Data Are from the Company's Records