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The following information comes from the accounts of James Company: Account Title Accounts Receivable Allowance for Doubtful Accounts Note Receivable Interest Receivable Beginning Balance $31,400
The following information comes from the accounts of James Company: Account Title Accounts Receivable Allowance for Doubtful Accounts Note Receivable Interest Receivable Beginning Balance $31,400 1,620 51,700 820 Ending Balance $38,300 2,330 51,700 4,136 Required a. There were $177,700 of sales on account during the accounting period. Write-offs of uncollectible accounts were $1,800. What was the amount of cash collected from accounts receivable? What amount of uncollectible accounts expense was reported on the income statement? What was the net realizable value of receivables at the end of the accounting period? Cash collected Uncollectible accounts expense Net realizable value b. The note receivable has a two-year term with a 8.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? (Round your answers to the nearest dollar amount.) Interest revenue recognized for the year Cash received for interest
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