ABC company only sells on account for the year 2022. The company began the year with $6,000 in Accounts Receivable and zero in the allowance for doubtful accounts. During the year, sales on account were $27,500, and the cost of goods sold were $8,750. Cash collected on account was $18,000, sales returns and allowances were $800 and sales discount $500.00. In addition, a customer account balance in the amount of $1,000 was written off as uncollectable but $200 were reinstated. 1. What is ABC Company accounts receivable balance and the allowance for doubtful accounts unadjusted at the December 31, 2022? $ and $ (Hint: use a T account to solve this problem)

ABC company only sells on account for the year 2022. The company began the year with $6,000 in Accounts Receivable and zero in the allowance for doubtful accounts. During the year, sales on account were $27,500, and the cost of goods sold were $8,750. Cash collected on account was $18,000, sales returns and allowances were $800 and sales discount $500.00. In addition, a customer account balance in the amount of $1,000 was written off as uncollectable but $200 were reinstated. 1. What is ABC Company accounts receivable balance and the allowance for doubtful accounts unadjusted at the December 31, 2022? $ and $ (Hint: use a T account to solve this problem)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1P: Allowance Method for Accounting for Bad Debts At the beginning of 2016, EZ Tech Companys Accounts...

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