Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
![Taylor R incorporation
reported the following
balances after adjustment at
the end of 2020 and 2019.
total accounts receivable
2020
100,000
2019
95,000
net accounts receivable
2020
75,000
2019
85,000
During 2020 Taylor road of
customer accounts, totaling
3000 and collected 750 on
accounts written off In
previous years, tailors doubtful
accounts expense for the year
ending December 3120 20 Is](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e0d184d-c727-4b24-af72-1128a4191a44%2F99d132fc-c5c5-41f8-83bf-3942f72e23e5%2Fztjsyto_processed.jpeg&w=3840&q=75)
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