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Question - The table below summarizes some balances and activities for Company. The first two balances are at amounts as of the START of the year. The rest summarize activities during the year.
Accounts Receivable, 1/1/Year5
$300,000
Allowance for uncollectible accounts 1/1/Year5 (normal credit balance)
$25,000
Sales Revenue (all on credit) during Year5
$4,000,000
Collections on account during Year5
$3,800,000
Write-offs of specific accounts during Year5
$23,000
Company uses the aging method to estimate uncollectible accounts. Company has aged the ending balance in Accounts receivable and the aging indicates uncollectible accounts of $35,000 as of the end of Year5. The balances above are just before Company records the adjusting entry for bad debt expense for Year5.
Required -
1. What is the balance in the Accounts Receivable account at 12/31/Year5?
2. How much bad debt expense will Company A show on the income statement?
3. What will be the balance in "Allowance for Doubtful Accounts" on the 12/31/Year5 published balance sheet?
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