Reference no: EM132918253
Problem - A business has the following balances at the beginning of the year:
Accounts receivable: 260000
Allowance for doubtful accounts: -39000
The following summary transactions occurred during the year. Sales for the year, 100% on credit: 500000
Cash collected on accounts receivable for the year: 494000
Write-offs of uncollectable accounts receivable: 31200
Received a cheque from a customer whose account was previously written off: 3120 Overall rate used to estimate the allowance for doubtful accounts at year end: 10%
Using the information above, answer the following questions
What is the balance in the accounts receivable account at year end?
What is the balance in the allowance for doubtful accounts at year end?
What is the balance in the bad debt expense account at year end?
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