During 2016, Warranty Inc. had credit sales of $262,000. Also during the year, Warranty’s cash collections from credit sales were $250,000. Uncollectible accounts were written off under the allowance method of accounting for bad debts in the amount of $7,000 and the balance. The end of the year balance in the accounts receivable account for 2016 was $50,000. The question is – what was the beginning balance in accounts receivable account for Warranty Inc?
During 2016, Warranty Inc. had credit sales of $262,000. Also during the year, Warranty’s cash
collections from credit sales were $250,000. Uncollectible accounts were written off under the allowance method of accounting for bad debts in the amount of $7,000 and the balance. The end of the year balance in the accounts receivable account for 2016 was $50,000.
The question is – what was the beginning balance in accounts receivable account for Warranty Inc?
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