Chelsea Corporation reported the following information in its general ledger at December 31.

All sales were on account. At the end of the year, uncollectible accounts were estimated to be 10% of accounts receivable.
Instructions
(a) Using your knowledge of receivables transactions, determine the missing amounts.
(b) Describe each transaction that has been recorded.
(c) What is the amount of cash collected?

Transcribed Image Text:

Accounts Receivable Sale 45,000 Beg. bal 15,000 35,200 End. bal. Allowance for Doubtful Accounts Bad Debt Expense Beg. bal ,200 800 End. bal. (5)