Ivanhoe Company provides for doubtful accounts based on 4.0% of credit sales. The following data are available for 2020: Credit sales during 2020 $3,020,000 Allowance for doubtful accounts 1/1/20 37,700 Collection of accounts written off in prior years (customer credit was re-established) 15,500 Customer accounts written off as uncollectible during 2020 36,100 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $Enter your answer in accordance to the question statement
Ivanhoe Company provides for doubtful accounts based on 4.0% of credit sales. The following data are available for 2020: Credit sales during 2020 $3,020,000 Allowance for doubtful accounts 1/1/20 37,700 Collection of accounts written off in prior years (customer credit was re-established) 15,500 Customer accounts written off as uncollectible during 2020 36,100 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $Enter your answer in accordance to the question statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ivanhoe Company provides for doubtful accounts based on 4.0% of credit sales. The following data are available for 2020:
| Credit sales during 2020 | $3,020,000 | |
| Allowance for doubtful accounts 1/1/20 | 37,700 | |
| Collection of accounts written off in prior years (customer credit was re-established) |
15,500 | |
| Customer accounts written off as uncollectible during 2020 | 36,100 |
What is the balance in Allowance for Doubtful Accounts at December 31, 2020?
| Allowance for doubtful accounts 12/31/20 | $Enter your answer in accordance to the question statement |
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