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Becky had net sales (all on Accounts) in 2020 of $8,000,000. At december 31, 2020, before adjusting entries, the balances in selected accounts were:accounts receivable $1,000,000 debit, and allowance for doubtful accounts $2,000 debit. Becky estimates that 3%of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statement at December 31, 2020

Becky had net sales (all on Accounts) in 2020 of $8,000,000. At december 31, 2020, before adjusting entries, the balances in selected accounts were:accounts receivable $1,000,000 debit, and allowance for doubtful accounts $2,000 debit. Becky estimates that 3%of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statement at December 31, 2020

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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Becky had net sales (all on Accounts) in 2020 of $8,000,000. At december 31, 2020, before adjusting entries, the balances in selected accounts were:accounts receivable $1,000,000 debit, and allowance for doubtful accounts $2,000 debit. Becky estimates that 3%of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statement at December 31, 2020 

 

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