On January 1,2012,Alliance Company had the following balances for accounts receivable and allowance for doubtful accounts:
$\begin{array}{lll}
\text {Accounts receivable} &\text { \$ 750,000 (debit) } \
\text {Allowance for doubtful accounts } &&\text { 50,000 (credit) }
\end{array}$

During 2012 the company made $3,200,000 in credit sales,collected $3,000,000 of accounts receivable and wrote off $20,000 of accounts receivable as uncollected.
Required:
A) What is the companys preadjustment balance in ac counts recervable on December 31,2012 ?

Question

On January 1,2012,Alliance Company had the following balances for accounts receivable and allowance for doubtful accounts:
 $\begin{array}{lll}
  \text {Accounts receivable} &\text { \$ 750,000 (debit)  }  \
 \text {Allowance for doubtful accounts } &&\text {  50,000 (credit) }
\end{array}$

During 2012 the company made $3,200,000 in credit sales,collected $3,000,000 of accounts receivable and wrote off $20,000 of accounts receivable as uncollected.
Required:
 A) What is the companys preadjustment balance in ac counts recervable on December 31,2012 ?

Quizplus · Accepted Answer

The Answer of On January 1,2012,Alliance Company had the following balances for accounts receivable and allowance for doubtful accounts:
 $\begin{array}{lll}
  \text {Accounts receivable} &\text { \$ 750,000 (debit)  }  \
 \text {Allowance for doubtful accounts } &&\text {  50,000 (credit) }
\end{array}$

During 2012 the company made $3,200,000 in credit sales,collected $3,000,000 of accounts receivable and wrote off $20,000 of accounts receivable as uncollected.
Required:
 A) What is the companys preadjustment balance in ac counts recervable on December 31,2012 ?

On January 1,2012,Alliance Company Had the Following Balances for Accounts