Question: Problem 8-01A a-d (Part Level Submission) (Video) At December 31, 2019, Monty Corp. reported the following information on its balance sheet. Accounts receivable $954,000 Less:

Problem 8-01A a-d (Part Level Submission) (Video)

At December 31, 2019, Monty Corp. reported the following information on its balance sheet.

Accounts receivable $954,000
Less: Allowance for doubtful accounts 74,000

During 2020, the company had the following transactions related to receivables.

1. Sales on account $3,947,600
2. Sales returns and allowances 54,000
3. Collections of accounts receivable 2,858,000
4. Write-offs of accounts receivable deemed uncollectible 88,000
5. Recovery of bad debts previously written off as uncollectible 29,000

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