In the month of May 2021, the paint mixing equipment maintenance service company, Colorn Color S.A., provided

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Question:

In the month of May 2021, the paint mixing equipment maintenance service company, Colorín Color S.A., provided services for a total price of $820,000 and gave discounts to its customers for a value of $74,200.

All payment for services is made on credit and the value will be paid in full in the month of July. The total cost of rendering the services (labor, transportation, tools, etc.) was $310,000. The company estimates that 6% of its Accounts Receivable will be the provision for uncollectible accounts.

On June 1, one of the clients who owed $9,610 to the company told the company that it will be impossible for him to pay this debt and that he must wait for the judicial resolution on his bankruptcy declaration to come out before making any claim for collection.

Required:

Record the Accounts Receivable as of May 31, 2021 (which includes the calculation of the Net Accounts Receivable)

Record accounts receivable as of June 30, 2021