The ending balance in gross accounts receivable are $75,000. The ending balance in the allowance for...
The ending balance in gross accounts receivable are $75,000. The ending balance in the allowance for doubtful account is $15,000. Bad debt expense for the period is $12,000. What is the amount of net accounts receivable Credit sales exceeded cash collections of credit sales by $12,000. Did the accounts receivable balance increase or decrease during the period?
Homework Answers
Gross accounts receivable = $75,000
Allowance for doubtful account, ending = $15,000
Net accounts receivable = Gross accounts receivable - Allowance for doubtful account, ending
= 75,000 - 15,000
= $60,000
Since credit sales exceeded cash sales of credit sales by $12,000, hence accounts receivable balance increases of during the period.
Bad debt expense of $12,000 is not relevant for calculating net accounts receivable.
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