Please do not give solution in image format thanku A business has the following balances at the beginning of theyear:Accounts receivable: 200000Allowance for doubtful accounts: -30000The following summary transactions occurred during the year.Sales for the year, 100% on credit: 380000Cash collected on accounts receivable for the year: 377000Write-offs of uncollectable accounts receivable: 24000Received a cheque from a customer whose account waspreviously written off: 2400Overall rate used to estimate the allowance for doubtfulaccounts at year end: 16%Using the information above, answer the following questions.Enter the digits only - no dollar signs, commas, or decimalpoints. IMPORTANT - enter your answer to the second question(the balance in the allowance) as a NEGATIVE number, with aminus sign (-) in front of the digits.1. What is the balance in the accounts receivable account atyear end?2. What is the balance in the allowance for doubtful accounts atyear end?3. What is the balance in the bad debt expense account at yearend?

The net accounts receivables is calculated as difference between accounts receivables and allowance…

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?

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?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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Question

Please do not give solution in image format thanku

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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