The statement of financial position of Prancer Company at December 31, 2015 includes the following. Notes Receivable – 36,000 Accounts receivable- 182,100 Less: Allowance for doubtful accounts – 17,300
The statement of financial position of Prancer Company at December 31, 2015 includes the following.
Notes Receivable – 36,000
Accounts receivable- 182,100
Less: Allowance for doubtful accounts – 17,300
Transactions in 2015 not included in the balances above include the following:
Accounts receivables of $138,000 were collected including $60,000 on which 2% sales discounts were allowed.
$5,300 was received in payment of an account which was written off the books as worthless in 2015.
At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable.
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