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Accounting
horn 
At the beginning of 2015, Peter Dots has the following ledger balances: Accounts Receivable Allowance for Bad Debts Bad Debts Expense 40,000 5,000 During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance of Accounts Receivable would be: $62,000 $80,000 $40,000
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