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What is the net balance of receivables at the end of April?

What is the net balance of receivables at the end of April?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q1: Presented below are selected transactions for PLM Co. during April/2022: April 1 the beginning balance for Accounting receivables is $30,000 and for the allowance of doubtful accounts is $400 Credit. 2 Sold merchandise to Craftwood Co. for $50,000 term 2/10 n/30. 5 A customer bought merchandise for $6,000 using First Bank credit card. The bank charges a service fee of 7%. 12 Craftwood Co. paid for the merchandise bought on 2 April in full. 23 PLM Co. sold $10,000 of its receivables to National Factors. The service charge is 2%. 30 PLM Co. assessed the uncollectable accounts to be 3% of receivables. What is the net balance of receivables at the end of April?
Transcribed Image Text:Q1: Presented below are selected transactions for PLM Co. during April/2022: April 1 the beginning balance for Accounting receivables is $30,000 and for the allowance of doubtful accounts is $400 Credit. 2 Sold merchandise to Craftwood Co. for $50,000 term 2/10 n/30. 5 A customer bought merchandise for $6,000 using First Bank credit card. The bank charges a service fee of 7%. 12 Craftwood Co. paid for the merchandise bought on 2 April in full. 23 PLM Co. sold $10,000 of its receivables to National Factors. The service charge is 2%. 30 PLM Co. assessed the uncollectable accounts to be 3% of receivables. What is the net balance of receivables at the end of April?
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