A business has the following balances at the beginning of the year Accounts recievable: 260,000...
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Accounting
A business has the following balances at the beginning of the year
Accounts recievable: 260,000 Allowance fo doubtful accounts: -39,000
The following summary transaction occurred during the year
Sales for the year, 100% on credit: 500,000. Cash collected on A/R for the year: 494,000 Write-off of uncollectible accounts receivable: 31,200 Recieved a cheque from a customer whose account was previously written off: 3,120 Overall rate used to estimate the allowance for doubtful accounts at end of year: 10% 1. What is the balance in the accounts receivable at year end? 2. What is the balance in the allowance for doubtful accounts at year end? 3. What is the balance in the bad debt expense account at year end?
(can you explain with full detail with the numbers being calculated for each one)
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