Gorav Dental Group started 2015 with Accounts Receivable of $120,000 and an Allowance for Doubtful Accounts balance
Question:
a. Credit sales, $400,000.
c. Collections on account, $320,000.
c. Write-offs of uncollectibles, $15,000.
d. At December 31, the aging of accounts receivable showed that Gorav will probably not collect $5,000 of its accounts receivable.
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...
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Related Book For
Financial Accounting
ISBN: 978-0133375534
2nd Canadian edition
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
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