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THE FAIR COMPANY SELLS ITS MERCHANDISE ONLY ON CREDIT. THE FOLLOWING DATA IS AVAILABLE AT DECEMBER 31, 2012. SALES $375,000 SALES RETURNS AND ALLOWANCES $12,000 ACCOUNTS RECEIVABLE AT JANUARY 1, 2012 $60,600 ALLOWANCE FOR DOUBTFUL ACCOUNTS AT JANUARY 1, 2012 $3,200 CASH COLLECTIONS DURING 2012 $362,500 ACCOUTNS WRITTEN OFF Wisconsin UNCOLLECTIBLE DURING 2012 $2,400 REFER TO DATA FOR THE FAIR COMPANY
375,000 Sale - 12,000 Sales Returns and Allowances + 60,000 Accounts Receivable - 362,500 Cash collected = 60,500 Balance of Accounts Receivable before write-off. The entry for the write-off is: Dr 2,400 Allowance for Doubtful Accounts Cr A 2,400 Accounts Receivable So now there is a balance of 58,100 (60,500 - 2,400) in Accounts Receivable and a balance of 800 (3,200 - 2,400) in Allowance for Doubtful Accounts. The net Accounts Receivable is 58,100 - 800 = $57,300.