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The following information comes from the accounts of Jersey Company. Account Title Beginning Balance Ending Balance Accounts receivable $30,000 $34,000 Allowance for doubtful accounts 1,800 1,700 Notes receivable 40,000 40,000 Interest receivable 1,200 3,600 There were $170,000 in sales on account during the accounting period. Write-offs of uncollectible accounts were $1,400. a. What was the amount of cash collected from accounts receivable? b. What amount of uncollectible accounts expense was reported on the income statement? c. What was the net realizable value of receivables at the end of the accounting period?

The following information comes from the accounts of Jersey Company. Account Title Beginning Balance Ending Balance Accounts receivable $30,000 $34,000 Allowance for doubtful accounts 1,800 1,700 Notes receivable 40,000 40,000 Interest receivable 1,200 3,600 There were $170,000 in sales on account during the accounting period. Write-offs of uncollectible accounts were $1,400. a. What was the amount of cash collected from accounts receivable? b. What amount of uncollectible accounts expense was reported on the income statement? c. What was the net realizable value of receivables at the end of the accounting period?

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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The following information comes from the accounts of Jersey Company. Account Title Beginning Balance Ending Balance Accounts receivable $30,000 $34,000 Allowance for doubtful accounts 1,800 1,700 Notes receivable 40,000 40,000 Interest receivable 1,200 3,600 There were $170,000 in sales on account during the accounting period. Write-offs of uncollectible accounts were $1,400. a. What was the amount of cash collected from accounts receivable? b. What amount of uncollectible accounts expense was reported on the income statement? c. What was the net realizable value of receivables at the end of the accounting period?
Transcribed Image Text:The following information comes from the accounts of Jersey Company. Account Title Beginning Balance Ending Balance Accounts receivable $30,000 $34,000 Allowance for doubtful accounts 1,800 1,700 Notes receivable 40,000 40,000 Interest receivable 1,200 3,600 There were $170,000 in sales on account during the accounting period. Write-offs of uncollectible accounts were $1,400. a. What was the amount of cash collected from accounts receivable? b. What amount of uncollectible accounts expense was reported on the income statement? c. What was the net realizable value of receivables at the end of the accounting period?
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