Chez Fred Bakery estimates the allowance for uncollectible accounts at 1% of the ending balance...
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Accounting
Chez Fred Bakery estimates the allowance for uncollectible accounts at 1% of the ending balance of accounts receivable. During 2016, Chez Fred's credit sales and collections were $109,000 and $145,000, respectively. What was the balance of accounts receivable on January 1, 2016, if $260 in accounts receivable were written off during 2016 and if the allowance account had a balance of $1,020 on December 31, 2016?
45000
620
138260
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