Allowance for Doubtful Accounts, 12/31/19 normal balance =24,000

Accts rec, 12/31/19 = 400,000

Credit Sales during 2020 = 1,200,000

Accounts deemed worthless and written off during 2020 = 27,000

1) Show how Accounts Receivable would be presented on the balance sheet as of 12/31/19

2) What is the ending balance for Allowance for Doubtful Accounts on 12/31/20, before the yearend entry to record bad debt. Indicate credit or debit.

3) An analysis of accounts receivable indicates that an Allowance for Doubtful Accounts of $16,000 is needed at December 31, 2020.Give the journal entry on 12/31/20 to record bad debt expense for the year.