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Need it quick Johnson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $305,000
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Johnson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $305,000 Allowance for doubtful accounts $-36,600 Net realizable value $268,400 During 2020, the company had the following summary transactions: a. Sales on account, $3,312,000; cost of goods sold, $1,490,000 b. Products returned by customers, $66,000; cost of inventory returned, $30,000 C. Cash collections on accounts receivable, $3,047,000 d. Write-offs of accounts receivable determined to be uncollectable, $45,750 e. A customer that was previously written off sent in a cheque for $4,100 1. You estimate that $55,000 of your accounts receivable will be uncollected in the upcoming year. Record all of the above transactions and then answer the questions that follow. Question 31 (3 points) What is the balance in accounts receivable at December 31, 2020, after all transactions Step by Step Solution
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