A business has the following balances at the beginning of the year: Accounts receivable: 187500 Allowance...

Transcribed Image Text:

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% Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. 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? 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% Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. 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?

Answer rating: 100% (QA)

1 Accounts Receivable beginning 187500 Add Sales on account 3... View the full answer