Question A business has the following balances at the beginning of the year. Accounts receivable: 40000 Allowance for doubtful accounts: -6000 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 60000 Cash collected on accounts receivable for the year: 65000 Write-offs of uncollectable accounts receivable: 4800 Received a cheque from a customer whose account was previously written off: 480 Overall rate used to estimate the allowance for doubtful accounts at year end: 16% Using the information above, answer the following questions. Enter the digits only. no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the accounts receivable account at year end? What is the balance in the allowance for doubtful accounts at year end? A What is the balance in the bad debt expense account at year end? A
SMP541 The Asker · Accounting
Transcribed Image Text: A business has the following balances at the beginning of the year. Accounts receivable: 40000 Allowance for doubtful accounts: -6000 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 60000 Cash collected on accounts receivable for the year: 65000 Write-offs of uncollectable accounts receivable: 4800 Received a cheque from a customer whose account was previously written off: 480 Overall rate used to estimate the allowance for doubtful accounts at year end: 16% Using the information above, answer the following questions. Enter the digits only. no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the accounts receivable account at year end? What is the balance in the allowance for doubtful accounts at year end? A What is the balance in the bad debt expense account at year end? A
More Transcribed Image Text: A business has the following balances at the beginning of the year. Accounts receivable: 40000 Allowance for doubtful accounts: -6000 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 60000 Cash collected on accounts receivable for the year: 65000 Write-offs of uncollectable accounts receivable: 4800 Received a cheque from a customer whose account was previously written off: 480 Overall rate used to estimate the allowance for doubtful accounts at year end: 16% Using the information above, answer the following questions. Enter the digits only. no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the accounts receivable account at year end? What is the balance in the allowance for doubtful accounts at year end? A What is the balance in the bad debt expense account at year end? A
Community Answer
ITRYE6
1Accounts Receivable, beginning40000Add: Sales on account60000Less: Cash collected-65000Less: Write off-4800Balance in Accounts Receivable at year ... See the full answer