ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...
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- ABC Corporation began 2019 with an accounts receivable balance of $56,921.
- During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales.
- ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000
Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
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