Reference no: EM133150959
Question - A business has the following balances at the beginning of the year:
Accounts receivable: 187500
Allowance for doubtful accounts: -28125
The following summary transactions occurred during the year.
Sales for the year, 100% on credit: 355000
Cash collected on accounts receivable for the year: 352600
Write-offs of uncollectable accounts receivable: 22500
Received a cheque from a customer whose account was previously written off: 2250
Overall rate used to estimate the allowance for doubtful accounts at year end: 16%
Required - 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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