The following information relates to Jack Company's accounts receivable for year 2: Accounts receivable, 1/1/year 2 P650,000 Credit sales for year 2 2,700,000 Sales return for year 2 75,000 Accounts written off during year 2 40,000 Collections from customers during year 2 2,150,000 Estimated future sales returns at 12/31/year 2 50,000 Estimated uncollectible accounts at 12/31/year 2 110,000 What amount should Jack report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, year 2?

The following information relates to Jack Company's accounts receivable for year 2: Accounts receivable, 1/1/year 2 P650,000 Credit sales for year 2 2,700,000 Sales return for year 2 75,000 Accounts written off during year 2 40,000 Collections from customers during year 2 2,150,000 Estimated future sales returns at 12/31/year 2 50,000 Estimated uncollectible accounts at 12/31/year 2 110,000 What amount should Jack report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, year 2?

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Description: l SUN LTE VPN10:45 AM13%A lair.educationThe following information relates to JackCompany's accounts receivable for year 2:Accounts receivable, 1/1/year 2P650,000Credit sales for year 22,700,000Sales return for year 275,000Accounts written off during

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 50BE: Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...

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