ABC Corporation began 2019 with an accounts receivable balance of $56,921.During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales.ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.

The account receivables are also known with the name of debtors. These are the values due to a firm…

Answered: ABC Corporation began 2019 with an…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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ABC Corporation began 2019 with an accounts receivable balance of $56,921.
During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales.
ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000

Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.

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