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OPA Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2016, OPA's credit sales and collections were $125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2016, if $180 in accounts receivable were written off during 2016 and if the allowance account had a balance of $750 on December 31, 2016

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tanseershar

Answer:

$31,180

Explanation:

A/R-Collected             $131,000

Credit Sales                ($125,000)

A/R Written off                     $ 180

Closing balance of A/R ($750/3%) $25,000

Opening balance of A/R                  $31,180

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