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Sally sold $300,000 worth of stuff during the year (all on account). Her beginning balance in Accounts Receivable was $200,000 and her beginning credit balance
Sally sold $300,000 worth of stuff during the year (all on account). Her beginning balance in Accounts Receivable was $200,000 and her beginning credit balance in Allowance for Doubtful Accounts was $6,000. During the year she collected $280,000 on her receivables, and wrote off $9,000. She estimates that 3% of her receivables at any one time will not be collectable.
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