Reference no: EM132969722

During 20X1, King Corporation wrote off accounts receivable totaling $25,000 and made sales, all on account, of $710,000. Other information about the company's sales activities follows:

                                                            Beginning of 20X1                End of 20X1

Accounts receivable                                      $170,000                         $140,000

Allowance for uncollectible accounts                 22,000                            50,000

• In addition, in February 20X1, King accepted a $6,000 note from a customer whose account was overdue. King collected $2,300 on this note during December 20X1.

Required:

Problem 1: Prepare a schedule showing the amount of cash collected from customers during 20X1.