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Question
LEE Company had the following information relating to its Accounts Receivable:
Accounts receivable,
12/31/2017
P 200,000
Sales for 2018 (40% pertains to cash sales)
250,000
Collections from customers for 2018 including recoveries
100,000
Accounts written off, 10/21/2018
10,000
Collection of accounts written off in prior years
15,000
Estimated Uncollectible Receivables per Aging of Receivables at 12/31/2018
20,000
Required: At the end of 2018, how much is LEE Company's Accounts Receivable balance? _______________
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