2019 2020 Accounts receivable (ending) Allowance for doubtful accounts (ending) Accounts receivable written off during the year Estimated bad debts for the year Actual gross sales returns and allowances for the year Sales discounts not taken at end of year Credit sales during the year (terms, 2/10, n/60) Cash collected on accounts receivable during the year (net of discounts taken) $186,000 7,400 6,800 7,200 4,700 $183,400 7,000 7,900 7,500 6,000 400 375,000 380,000 352,000 367,500
The 2020 audit of Lane Company’s accounting records discloses the following information:
1. Next Level Reconstruct the
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