Reference no: EM132570140
Question - Ignoring GST, 1, October 2019, On the beginning of the financial year, the balance sheet displays the following.
Accounts receivable: 1,020,000
Less: allowance for doubtful accounts: 60,000
All sales are on credit, during the FY ending September 30 2020, the business had the following information related to receivables:
1. Sales revenue (GL balance as at 30 sept): 2,670,000
2. Sales discounts (GL balance as at 30 sept 2020): 10,000
3. Sales returns & allowances (GL balance as at 30 sept 2020): 30,000
4. Collections of accounts receivable (DR cash): 2,300,000
5. Accounts receivable write-offs: 65,000
6. Recovery of previous write-offs (DR Cash): 20,000
Required - What is the dollar amount for accounts receivable on the unadjusted trial balance as at 30 Sept 2020?