Reference no: EM132804226
The following information relates to Jay Co.'s accounts receivable for 2020:
Accounts receivable, 1/1/20 650,000
Credit sales for 2020 2,700,000
Sales returns for 2020 75,000
Accounts written off during 2020 40,000
Collections from customers during 2020 2,150,000
Estimated future sales returns at 12/31/20 50,000
Estimated uncollectible accounts at 12/31/20 110,000
Problem 1: What amount should Jay report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, 2020?
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