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Larsen Company began the current year with balances in accounts receivable and allowance for doubtful...

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Accounting

Larsen Company began the current year with balances in accounts receivable and allowance for doubtful accounts of $51,200 and $3,240, respectively. The company reported credit sales of $478,000 during the year, collected $502,200, and wrote off $3,000 of uncollectible accounts. Larsen Company estimates that 10% of its accounts receivable balance will be uncollectible. Determine the balance in the allowance for doubtful accounts as of the end of the current year.

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