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10 At the beginning of 2019, Statewide Delivery Company has the following account balances: Accounts Receivable $44,000 Allowance for Bad Debts $8000 Bad Debts Expense

10 At the beginning of 2019, Statewide Delivery Company has the following account balances: Accounts Receivable $44,000 Allowance for Bad Debts $8000 Bad Debts Expense 501 (debit balance) (credit balance) During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $780,000, and $16,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 3.5%. ending balance of Accounts Receivable is, $44,000 $16,000 $56,840 $48,000 Theimage text in transcribed

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