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pashok25 [27]
3 years ago
14

Boulder Beaver Company had a $150,000 beginning balance in Accounts Receivable and a $6,000 credit balance in the Allowance for

Doubtful Accounts. During the year, credit sales were $600,000 and customers' accounts collected were $590,000. Also, $4,000 in worthless accounts were written off. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts
Business
1 answer:
BabaBlast [244]3 years ago
4 0

Answer:

$154,000

Explanation:

The computation of the net amount receivable is shown below:

Beginning balance of Accounts Receivable = $150,000

Add: Credit sales made = $600,000

Less: amount collected  = $590,000

Less: accounts written off = $4,000

Gross balance in Accounts Receivable =$156,000

Now

Beginning balance in the Allowance for Doubtful Accounts= $6,000

Less: Accounts written off adjusted $4,000

Ending balance = $2,000

So,

Net Accounts Receivable is

= $156,000 - $2,000

= $154,000

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Answer:

<u>If records invoices at gross amounts</u>

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inventory       5,400 debit

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A/P                5,400 debit

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<u>If records invoices at nets amounts</u>

October 2th

inventory    2,940 debit

    A/P                    2,940 credit

October 2nd

A/P              490 debit

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      A/P                    5,292 credit

October 26th

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