Wilton Corporation reported the following selected information in its general ledger at December 31: All sales were

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Wilton Corporation reported the following selected information in its general ledger at December 31:

All sales were on account. Some accounts receivable were collected. One account was written off; there were no subsequent recoveries. At the end of the year, uncollectible accounts were estimated to total $2,000.
Instructions
Using your knowledge of receivables transactions, determine the missing amounts.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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