Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ignoring GST, 1, October 2019, On the beginning of the financial year, the balance sheet displays the following. Accounts receivable: 1,020,000 Less: allowance for doubtful
Ignoring GST, 1, October 2019, On the beginning of the financial year, the balance sheet displays the following. Accounts receivable: 1,020,000 Less: allowance for doubtful accounts: 60,000 All sales are on credit, during the FY ending September 30 2020, the business had the following information related to receivables: 1. Sales revenue (GL balance as at 30 sept): 2,670,000 2. Sales discounts (GL balance as at 30 sept 2020): 10,000 3. Sales returns & allowances (GL balance as at 30 sept 2020): 30,000 4. Collections of accounts receivable (DR cash): 2,300,000 5. Accounts receivable write-offs: 65,000 6. Recovery of previous write-offs (DR Cash): 20,000 What is the dollar anount for accounts receivable on the unadjusted trial balance as at 30 Sept 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started