Excel Inc. has provided the following information relating to its sales for the past year, which 3 ended December 31, 20x1. 4 6 Estimated % of accounts receivable that will be uncollectable 4% 7 8 Opening Balances: 9 Jan. 1, 20x1 balance in the allowance for doubtful account 10 (this is before any adjusting entries) $2,000 cr 11 12 Jan. 1, 20x1 balance in the accounts receivable account 13 $37,000 dr 14 During 20x1: 15 Credit sales (20x1) 16 Write offs of uncollectible accounts receivable (20x1) 17 Collections of previously written off amounts (20x1) 18 Cash received in payment of accounts receivable (20x1) 19 20 21 Required- 22 $450,000 $6,200 $900 $426,000 23 1) Calculate the balance in the Accounts Receivable account at December 31, 20x1. (1 mark) 24 25 2) Calculate the balance in the Allowance for Doubtful Accounts at December 31, 20x1. (2 marks) 26 27 3) Prepare any journal entries required at December 31, 20x1 to record bad debt expense for the year. (3 marks) 28 29