At the Beginning of 2015, Peter Dots Has the Following

question 118

Multiple Choice

At the beginning of 2015, Peter Dots has the following ledger balances: During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%.
-Refer to the table above,The ending balance of Accounts Receivable would be:

• A) $40,000.
• B) $62,000.
• C) $80,000.
• D) $18,000.

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