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our accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,805 per month, has just purchased a new Acura

Price:
$14.99
SKU:
703223


Product Description

our accounts receivable clerk, Mitra Adams, to whom you pay a salary of $2,805 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $153,340 as shown in the ledger.

 

The following information is available for your first year in business.

 

(1)Collections from customers$370,260(2)Merchandise purchased598,400(3)Ending merchandise inventory168,300(4)Goods are marked to sell at 40% above cost

Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.

 

The ending balance of accounts receivable from customers? $_______________

Apparent shortage?________________________


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