Accounting -During the year, credit sales amounted to $800,000

| January 30, 2017

Question
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%. The ending balance of Accounts Receivable would be:
$18,000

$40,000

$80,000

$62,000

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