On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts The balance in the Accounts Receivable account before any adjusting journal entries, at the end of 2023, would be: Select one: a. $1,485,000 b. $1,395,000 c. $1,575,000 d. $1,467,000 e. $1,503,000 $4,500,000 4,275,000 90,000 18,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On December 31, 2022, Ace Hardware reported the following information on its balance sheet:
Accounts Receivable
$1,350,000
Allowance for Doubtful Accounts (credit) 81,000
During 2023, the Company had the following transactions related to receivables:
Sales on Account
Collections on Account
Write-offs of uncollectible accounts
Recovery of previously written off accounts
The balance in the Accounts Receivable account before any adjusting journal entries, at the end of 2023, would be:
Select one:
a. $1,485,000
b. $1,395,000
c. $1,575,000
d. $1,467,000
e. $1,503,000
$4,500,000
4,275,000
90,000
18,000
Transcribed Image Text:On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts The balance in the Accounts Receivable account before any adjusting journal entries, at the end of 2023, would be: Select one: a. $1,485,000 b. $1,395,000 c. $1,575,000 d. $1,467,000 e. $1,503,000 $4,500,000 4,275,000 90,000 18,000
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