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The following information relates to Bedford Companys accounts receivable: Accounts receivable balance on December 31,...

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Accounting

The following information relates to Bedford Companys accounts receivable:

Accounts receivable balance on December 31, 2023 $ 900,000

Allowance for expected credit losses balance on December 31, 2023 55,000

Credit sales made in 2024 5,800,000

Collections from customers on account in 2024 4,900,000

Accounts receivable written off in 2024 70,000

Accounts previously written off that were recovered in 2024(not included in the collections above) 6,000

After grouping its receivables by geographic region, the credit risk characteristic identified as being best for determining credit losses, and estimating the expected rate of credit losses for each group, the company estimates that the total expected credit losses at December 31, 2024, will be $80,000. The allowance account is to be adjusted accordingly. Required

Calculate the ending balance in Accounts Receivable, as at December 31, 2024. Calculate the Allowance for Expected Credit Losses balance, before adjustment, as at December 31, 2024. Calculate the credit losses for the year 2024.

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