Tennas Trading is a merchandising wholesaler that sells to corner stores in the community Since the turnover of inventory is high on perishables, Tennas must deliver to customers often. Lately, because of the economic conditions, some of Tennas' customers have been experiencing poor liquidity and so Tennas has to pay a great deal of attention to the collection of accounts receivable Before any year-end adjustments, the balance in Tennas Trading's Accounts Receivable account was $585,000 and Allowance for Doubtful Accounts had a credit balance of $30,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the following aging schedule 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 Total Amount $315,000 115,000 80,000 40,000 20,000 15,000 $585,000 Probability collection 98% 90% 80 % 70 % 50% 10% What is the appropriate balance for Allowance for Doubtful Accounts at year end? Allowance for Doubtful Accounts 69300 Date Account Titles and Explanation Debit Credit 31Bad Debt Expense 39300 Allowance for Doubtful Accounts 39300 Show how accounts receivable would be presented on the balance sheet. TENNAS TRADING Partial Balance Sheet Year Ended December 31