Problem 8-01A a-d (Part Level Submission) (Video)

At December 31, 2019, Monty Corp. reported the following information on its balance sheet.

Accounts receivable		$954,000
Less: Allowance for doubtful accounts		74,000

During 2020, the company had the following transactions related to receivables.

1.		Sales on account		$3,947,600
2.		Sales returns and allowances		54,000
3.		Collections of accounts receivable		2,858,000
4.		Write-offs of accounts receivable deemed uncollectible		88,000
5.		Recovery of bad debts previously written off as uncollectible		29,000