Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Dummies

Authors: Mark P Holtzman, Karen Schoenebeck

1st Edition

1118116429, 978-1118116425

More Books

Students also viewed these Accounting questions