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For the month of December, the records of Balin Co...

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Question

For the month of December, the records of Balin Corporation show the following information: Cash received on accounts receivable .................. $ 70,000 Cash sales ............................................ 60,000 Accounts Receivable, December 1 ....................... 160,000 Accounts Receivable, December 31 ...................... 148,000 Accounts Receivable written off as uncollectible ...... 2,000 The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What are the gross sales for the month of December? A) $118,000 B) $120,000 C) $130,000 D) $144,000 Please explain why the answers are incorrect and why the correct one is right

 

Paper#7943 | Written in 18-Jul-2015

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