Question during 2015 weasley incs credit sales and, Ask an Expert

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Question: During 2015, Weasley Inc.'s credit sales and collections were $258,000 and $261,000 respectively. The company wrote off $650 related to accounts that were deemed not collectible during the year. On December 31, 2015, Weasley estimates uncollectible accounts will be 5% of the ending balance of accounts receivable. What was the balance of accounts receivable on January 1, 2015 the allowance for uncollectible accounts had a credit balance of $1,400 on December 31, 2015?

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Accounting Basics, Accounting

Category:- Accounting Basics
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