During 20X1, King Corporation wrote off accounts receivable totaling $25,000 and made sales, all on account, of $710,000. Other information about the company’s sales activities follows:

In addition, in February 20X1, King accepted a $6,000 note from a customer whose account was overdue. King collected $2,300 on this note during December 20X1.

Required:

Prepare a schedule showing the amount of cash collected from customers during 20X1.

Transcribed Image Text:

Beginning of 20X1 End of 20X1 Accounts receivable $170,000 22,000 $140,000 50,000 Allowance for uncollectible accounts