Part 1 Reconcile the 2020 opening balance in Accounts Receivable to the $568,800 ending balance on the controller's aged listing Accounts Receivable Reconciliation $ V $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Am O HP Question 5 of 7 6/15 Flounder Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of $485,000 and an Allowance for Doubtful Accounts of $40,000. Flounder recognized credit sales during the year of $6,670,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,400 of accounts that were deemed to be uncollectible, although one customer whose $4,200 account had been written off surprised management by paying the amount in full in late September. Including this surprise receipt. $6,554.000 cash was collected on account in 2020 To assess the reasonableness of the allowance for doubtful accounts, the controller prepared the following aged listing of the receivables at December 31, 2020: Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days Amount $279.500 124.000 83,000 39,000 18,700 Probability of Collection 98% 92% 80% 74% 50% 075 24.600 $568,800 Part 1 o 2 g E Question 5 of 7 6/15 E Part 2 Prepare the adjusting entry to bring the Allowance for Doubtful Accounts to its proper balance at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter "O" for the amounts) Account Titles and Explanation Debit Credit Date Dec. 31 eTextbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Question Part Score Part 3 BI Question 5 of 7 > 6/15 !!! Part 3 Show how accounts receivable would be presented on the December 31, 2020 statement of financial position. Flounder Corp. Statement of financial position (Partial) $ (net) $ e Textbook and Media List of Accounts Save for Lates Attempts: 0 of 3 used Submit Answer Question Part Score --/3 Part 4 6 / 15 List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Question Part Score --/3 Part 4 What is the dollar effect of the year-end bad debt adjustment on the before-tax income? The year-end bad debt adjustment would before-tax income $ e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit Answer Question Part Score -12