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What is balance in allowance for doubtful accounts ay year

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Reference no: EM132935303

A business has the following balances at the beginning of the year:

Accounts receivable: 197500

Allowance for doubtful accounts: -29625

The following summary transactions occurred during the year.

Sales for the year, 100% on credit: 375000

Cash collected on accounts receivable for the year: 372100

Write-offs of uncollectable accounts receivable : 23700

Received a cheque from a customer whose account was previously written off: 2370

The overall rate used to estimate the allowance for doubtful accounts at year end: 16%

Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits.

Problem 1: What is the balance in the accounts receivable account at year end?

Problem 2: What is the balance in the allowance for doubtful accounts at year end?

Problem 3: What is the balance in the bad debt expense account at year end?

Reference no: EM132935303

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