DONT GIVE ANSWER IN IMAGE FORMAT Q1:Presented below are selected transactions for PLM Co. during April/2022:April 1 the beginning balance for Accounting receivables is $30,000 and for the allowance ofdoubtful accounts is $400 Credit.2 Sold merchandise to Craftwood Co. for $50,000 term 2/10 n/30.5 A customer bought merchandise for $6,000 using First Bank credit card. The bankcharges a service fee of 7%.12 Craftwood Co. paid for the merchandise bought on 2 April in full.23 PLM Co. sold $10,000 of its receivables to National Factors. The service charge is 2%.30 PLM Co. assessed the uncollectable accounts to be 3% of receivables.What is the net balance of receivables at the end of April?

Date Particulars Amount ($) 01-04-2022 Opening Blance of Account receivables 30000…

Answered: What is the net balance of receivables…

Business

Accounting

What is the net balance of receivables at the end of April?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

DONT GIVE ANSWER IN IMAGE FORMAT

Q1:
Presented below are selected transactions for PLM Co. during April/2022:
April 1 the beginning balance for Accounting receivables is $30,000 and for the allowance of
doubtful accounts is $400 Credit.
2 Sold merchandise to Craftwood Co. for $50,000 term 2/10 n/30.
5 A customer bought merchandise for $6,000 using First Bank credit card. The bank
charges a service fee of 7%.
12 Craftwood Co. paid for the merchandise bought on 2 April in full.
23 PLM Co. sold $10,000 of its receivables to National Factors. The service charge is 2%.
30 PLM Co. assessed the uncollectable accounts to be 3% of receivables.
What is the net balance of receivables at the end of April?

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