At the beginning of the year, accounts receivable were $153,000 and the allowance for bad debts was $12,400. During the year, sales (all on account) were $609,000, cash collections were $589,000, bad debts expense totaled $16,900, and $12,900 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint Use T- accounts to analyze each of these accounts, plug in the amounts that you know, and solve for the ending balances) Ending balance Accounts receivable Allowance for bad debts