At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:a. $54700b. $49700c. $47000d. $64500e. $42200

Selected information on ABC Company’s accounts receivable is available:Accounts receivable had an opening balance on 1 July 2021 of $68,000. Allowance for doubtful debts had an opening balance on 1 July 2021 of $4,700.During 2021/22, credit sales were $713,600 (including GST) of which $584,700 has already been collected from customers and $3,266 were written off.On 30 June 2022, an “aging of accounts receivable” analysis shows that $5,300 (excluding GST) will probably not be collected.What is the adjusting entry for the bad debts expense?Question 10Answera.DR Bad debts expense $3,880; and CR Accounts receivable $3,880b.DR Allowance for doubtful debts $3,440; and CR Accounts receivable $3,440c.DR Bad debts expense $3,880; and CR Allowance for doubtful debts $3,880d.DR Bad debts expense $3,440; and CR Allowance for doubtful debts $3,440

The following adjusted account information, in alphabetical order, was taken from the worksheet of John’s Electronics for the month ended April 30, 2023. A physical count on April 30, 2023, revealed a merchandise inventory balance actually on hand of $2,540. John’s ElectronicsUnadjusted Trial BalanceFor Month Ended April 30, 2023No. Account Debit   Credit  201 Accounts payable       $ 2,198  154 Accumulated depreciation, trucks         16,400  101 Cash $ 2,000        611 Depreciation expense, delivery trucks   720        633 Interest expense   110        301 John Yu, capital         27,176  302 John Yu, withdrawals   9,600        119 Merchandise inventory   6,500        507 Purchase discounts         36  506 Purchase returns and allowances         100  505 Purchases   16,940        413 Sales         37,700  414 Sales returns and allowances   1,820        688 Telephone expense, office   140        689 Telephone expense, store   420        508 Transportation-in   460        153 Trucks   30,400        623 Wages expense, office   5,700        624 Wages expense, selling   8,800          Totals $ 83,610   $ 83,610  Required:a. Calculate net sales.b. Calculate cost of goods sold. c. Prepare a classified multiple-step income statement for the month ended April 30, 2023. (Input all amounts as positive values.)

Based on an aging of accounts receivables, management assigned 1% to the $100,000 of receivables 0-30 days outstanding, 5% to the $10,000 receivables 31-60 days and 20% to the $1,000 of receivables over 60 days. After making the adjusting entry the balance in the Allowance for Doubtful Accounts will equal .

Gardner Company expects sales for October of $238,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $62,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet?

A creditor's account in the accounts payable ledger has a balance of $10,660 as of April 1. After a transaction of $12,900 is posted from the purchases journal and a transaction of $9,250 is posted from the cash payments journal, the balance of the creditor's account on April 30 is: