A business has the following balances at the beginning of the year: Accounts receivable: 235000 Allowance...
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A business has the following balances at the beginning of the year: Accounts receivable: 235000 Allowance for doubtful accounts: -15250 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 450000 Cash collected on accounts receivable for the year: 445200 Write-offs of uncollectable accounts receivable: 28200 Received a cheque from a customer whose account was previously written off: 2820 The overall rate used to estimate the allowance for doubtful accounts at year end: 8% 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 business has the following balances at the beginning of the year: Accounts receivable: 235000 Allowance for doubtful accounts: -15250 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 450000 Cash collected on accounts receivable for the year: 445200 Write-offs of uncollectable accounts receivable: 28200 Received a cheque from a customer whose account was previously written off: 2820 The overall rate used to estimate the allowance for doubtful accounts at year end: 8% 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?
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