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17 August, 19:09

During 2017 Sheridan Company had sales on account of $701000, cash sales of $316000, and collections on account of $520000. In addition, they collected $8300 which had been written off as uncollectible in 2016. As a result of these transactions the change in the accounts receivable indicates a

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  1. 17 August, 22:45
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    the Accounts Receivable account will increase by $181,000 this year

    Explanation:

    sales on account = $701000

    cash sales = $316000

    collections on account = $520000

    collected $8300 which had been written off

    The transactions that affect the accounts receivable account for the current year are:

    sales on account collections on account

    this year accounts receivable will change = $701,000 - $520000 = $181,000
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