During 2017, King Corporation wrote off accounts receivable totaling $25,000 and made sales, all on account, of

Question:

During 2017, King wrote off totaling $25,000 and made sales, all on account, of $710,000. Other information about the company's sales activities follows:
_______________________________Beginning of 2017 End of 2017
Accounts receivable............................$170,000......................$140,000
Allowance for uncollectible accounts...........22,000.........................50,000
In addition, in February 2017, King accepted a $6,000 note from a customer whose account was overdue. King collected $2,300 on this note during December 2017.
Required:
Prepare a schedule showing the amount of cash collected from customers during 2017.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
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