E7-4B (Determine Ending Accounts Receivable) Your accounts receivable clerk Ms.

E7-4B (Determine Ending Accounts Receivable) Your accounts receivable clerk Ms. Oommen to whom you pay a salary of $6500 per month has just purchased a new Cadillac. You decided to test the accuracy of the accounts receivable balance of $87000 as shown in the ledger.The following information is available for your first year in business.(1) Collections from customers $203000(2) Merchandise purchased 325000(3) Ending merchandise inventory 95000(4) Goods are marked to sell at 50% above costInstructionsCompute an estimate of the ending balance of accounts receivable from customers that should appear inthe ledger and any apparent shortages. Assume that all sales are made on account.