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Use the information provided below to answer the following question (same for set of 5 questions). Nash began April with accounts receivable of $49,000 and
Use the information provided below to answer the following question (same for set of 5 questions). Nash began April with accounts receivable of $49,000 and a credit balance in Allowance for Uncollectible Accounts of $1,000. They made $500,000 in credit sales (sales on account) during April. Collections from customers totaled $493,000. One customer, Frank Jones, could not pay his $1, 200 account receivable. On April 7, he negotiated to exchange his past-due account for a $1, 200, 4%, 90-day note receivable. Historically, 1% of credit sales have proved uncollectible. During April, $375 of old accounts receivable were written off as uncollectible. (Ref. Data Set above) What is the balance in Accounts Receivable at the end of April? $54, 800 $54, 425 $56,000 $55, 625 (Ref. Data Set above) What are the due date and the maturity value of Frank Jones' note? Due date Maturity value July 6: $1, 211.84 July 7: $1, 248.00 July 5: $1, 211.84 July 6: $1, 248.00
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