-Exercise Accounts receivable, bad debts, credit sales, and cash collection 5.3 analysis At the beginning of the year, accounts receivable were $72,000 and th LOS allowance for bad debts was $5,750. During the year, sales (all on account) We $300,000, cash collections were $290.000, bad debts expense totaled $7,100. and $6,000 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allow ance 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.)