Charleston, Inc. has Accounts Receivable of $270,000 and an Allowance for Doubtful Accounts of $17,000. If...
Charleston, Inc. has Accounts Receivable of $270,000 and an Allowance for Doubtful Accounts of $17,000. If it writes-off a customer account balance of $1,700, what is the amount of its net accounts receivable?
Homework Answers
Answer
--Net accounts receivables = Gross accounts receivable balance - balance in Allowance account.
--Under Allowance method, the net account receivables value is NOT affected when accounts receivables are written off.
| Before Write Off | Write off | Balance after write off | |
| Accounts receivables | $270,000 | ($1,700) | $268,300 |
| Less: Allowance account balance | $17,000 | ($1,700) | $15,300 |
| Net realizable (or Carrying value) | $253,000 | $0 | $253,000 |
--Requirement: Amount of NET accounts receivables = $ 253,000 [Answer]
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