Reference no: EM133017458
Question - A business has the following balances at the beginning of the year:
Accounts receivable: 40000
Allowance for doubtful accounts: -6000
The following summary transactions occurred during the year.
Sales for the year, 100% on credit: 60000
Cash collected on accounts receivable for the year: 65000
Write-offs of uncollectable accounts receivable: 4800
Received a cheque from a customer whose account was previously written off: 480
Overall rate used to estimate the allowance for doubtful accounts at year end: 16%
Required - Using the information above, answer the following questions.
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?
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