Answer:
Minion's "Accounts Receivable" account balance at the end of 20X1 is $75,000
Explanation:
Beginning Accounts Receivable account balance (Jan 1) $ 65,000
Accounts receivable specifically written-off during the year 10,000
Credit sales during the year 1,540,000
Collections on account during the year 1,520,000
Ending account receivable balance = Beginning Accounts Receivable account balance + Credit sales during the year - Accounts receivable specifically written-off during the year - Collections on account during the year
Ending account receivable balance = $65,000 + 1,540,000 - $10,000 - $1,520,000
Ending account receivable balance = $75,000
