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On 1/1/2020 Silas Inc. reported the following balances: Accounts Receivable $55,000 (debit) Allowance for Doubtful Accounts $2,300 (credit) During 2020 Silas Inc. reported the following:
On 1/1/2020 Silas Inc. reported the following balances:
Accounts Receivable $55,000 (debit)
Allowance for Doubtful Accounts $2,300 (credit)
During 2020 Silas Inc. reported the following:
- Sales $85,000, all on account
- 1% of the 2020 sales are expected to be uncollectible
- Wrote off accounts uncollectible accounts, $1,800
- Collected cash from customers, $60,000
- Received $200 from a customer whose account was written off in the previous year (this $200 collected is in addition to the $60,000 cash collected from the credit customers above)
Compute the Accounts Receivable, Net balance at 12/31/2020:
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