Question A business has the following balances at the beginning of the year: Accounts receivable: 200000 Allowance for doubtful accounts: -30000 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 380000 Cash collected on accounts receivable for the year: 377000 Write-offs of uncollectable accounts receivable: 24000 Received a cheque from a customer whose account was previously written off: 2400 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. 1. What is the balance in the accounts receivable account at year end? 2. What is the balance in the allowance for doubtful accounts at year end? 3. What is the balance in the bad debt expense account at year end?

3YD8AN The Asker · Accounting

A business has the following balances at the beginning of the year:

Accounts receivable: 200000

Allowance for doubtful accounts: -30000

The following summary transactions occurred during the year.

Sales for the year, 100% on credit: 380000

Cash collected on accounts receivable for the year: 377000

Write-offs of uncollectable accounts receivable: 24000

Received a cheque from a customer whose account was previously written off: 2400

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.

1. What is the balance in the accounts receivable account at year end?

2. What is the balance in the allowance for doubtful accounts at year end?

3. What is the balance in the bad debt expense account at year end?

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JEX8UY

Req 1.           Beginning balance of Accounts receivable 200000   Add: Credit sales     380000   Less: Cash collected     -377000   Less: amount written off   -24000   Ending balance of Accounts receivable 179000               Req 2.           Balance of Allowance at the end:     Ending balance of accounts receivable 1,79,000   Multiply: % ... See the full answer