1. The December 31, 2020 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2021, the following transactions occurred:

Sales on account $1,500,000

Sales returns and allowances, $50,000

Collections from customers, $1,250,000

Accounts written off $36,000

Previously written off accounts of $6,000 were collected

Using the information from page 1, including the beginning balances at the top of the page, compute the December 31, 2021 balances in the following T-Charts: (1 point)

Accounts Receivable

Allowance for Doubtful Accounts