Quesuon or !!! View Policies Current Attempt in Progress 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 24,600 $568,800 Probability of Collection 9896 92% 8096 74% 50% 096 Part 1 Question 5 of 7