wonder company provided the following transaction affecting accounts receivable during the curre

1. Start with the beginning balance of accounts receivable: $950,000

Question

Wonder Company provided the following transactions affecting accounts receivable during the current year: - Sales (cash and credit): $5,900,000 - Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10, n/30: $3,024,000 - Accounts receivables written off as worthless: $50,000 - Credit memorandum issued to credit customers for sales return and allowances: $250,000 - Cash refund given to cash customers for sales returns and allowances: $20,000 - Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from credit customers: $80,000 - Balances on January 1: - Accounts receivable: $950,000 - Allowance for doubtful accounts: $100,000 The entity provided for uncollectible accounts by crediting the allowance for doubtful accounts in the amount of $70,000 for the current year. What amount should be reported as accounts receivable on December 31?

          Wonder Company provided the following transactions affecting accounts receivable during the current year: 
- Sales (cash and credit): $5,900,000 
- Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10, n/30: $3,024,000 
- Accounts receivables written off as worthless: $50,000 
- Credit memorandum issued to credit customers for sales return and allowances: $250,000 
- Cash refund given to cash customers for sales returns and allowances: $20,000 
- Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from credit customers: $80,000 
- Balances on January 1: 
  - Accounts receivable: $950,000 
  - Allowance for doubtful accounts: $100,000 

The entity provided for uncollectible accounts by crediting the allowance for doubtful accounts in the amount of $70,000 for the current year. 

What amount should be reported as accounts receivable on December 31?

Added by Jose Maria F.

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