Reference no: EM13775647
The following balances relate to Easter Company:
Credit Sales during 2014 Allowance for Bad Debt (1/1/14) Accounts Receivable (1/1/14)
2,000,000 8,000 (credit) 100,000
Several transactions related to accounts receivable occurred during 2014.
(1) An account with a balance of $600, previously written off, is collected during 2014.
(2) Furthermore, $1,000 of the Easter’s accounts receivable are written off in 2014 as uncollectible.
(3) At the end of the year, annual bad debts are estimated to be 3% of credit sales.
What is the ending balance in accounts receivable and allowance for bad debts accounts at December 31, 2014 (after adjustment)?
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