The following transactions (in summary) affecting the accounts receivable of Seraphine company occurred during the year ended December 31, 2021: Accounts Receivable balance, January 1 674,000 Allowance for bad debt balance, January 1 (credit balance) 24,000 Sales (all on account, terms: 2/10, 1/15, n/60) 3,000,000 Cash received includes the following: 3,200,000 The cash received includes the following: Customers paying within the 10-day discount period 1,764,000 Customers paying within the 15-day discount period 990,000 Recovery of accounts written-off 6,000 Customers paying beyond the discount period Accounts Receivable written-off as worthless 22,000 Credit memo for sales return 12,000 It is the company's policy to provide for uncollectible accounts equal to 1% of sales. How much is the carrying amount of the accounts receivable as of December 31, 2021?

The following transactions (in summary) affecting the accounts receivable of Seraphine company occurred during the year ended December 31, 2021: Accounts Receivable balance, January 1 674,000 Allowance for bad debt balance, January 1 (credit balance) 24,000 Sales (all on account, terms: 2/10, 1/15, n/60) 3,000,000 Cash received includes the following: 3,200,000 The cash received includes the following: Customers paying within the 10-day discount period 1,764,000 Customers paying within the 15-day discount period 990,000 Recovery of accounts written-off 6,000 Customers paying beyond the discount period Accounts Receivable written-off as worthless 22,000 Credit memo for sales return 12,000 It is the company's policy to provide for uncollectible accounts equal to 1% of sales. How much is the carrying amount of the accounts receivable as of December 31, 2021?

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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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