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What is balance in the bad debt expense account at year end

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Reference no: EM133041940

Question - 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%

Required -

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

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

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

Reference no: EM133041940

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