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The following information is extracted from Shelton Corporation’s accounting records at the beginning of 2016 Accounts Receivable $63000 Allowance for Doubtful

The following information is extracted from Shelton Corporation’s accounting records at the beginning of 2016:

Accounts Receivable $63,000  
Allowance for Doubtful Accounts 1,400 (credit)

During 2016, sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance.

May 06 2020 View more View Less

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