A business has the following balances at the beginning of the year: Accounts receivable: 265000 Allowance for doubtful accounts: -39750 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 510000 Cash collected on accounts receivable for the year: 503700 Write-offs of uncollectable accounts receivable: 31800 Received a cheque from a customer whose account was previously written off: 43180 Overall rate used to estimate the allowance for doubtful accounts at year end: 10% Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the bad debt expense account at year end? What is the balance in the allowance for doubtful accounts at year end? What is the balance in the accounts receivable account at year end

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible.  Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…

A business has the following balances at the beginning of the year: Accounts receivable: 235000 Allowance for doubtful accounts: -15250The following summary transactions occurred during the year.Sales for the year, 100% on credit: 450000Cash collected on accounts receivable for the year: 445200Write-offs of uncollectable accounts receivable : 28200Received a cheque from a customer whose account was previously written off: 2820The overall rate used to estimate the allowance for doubtful accounts at year end: 8%Using the information above, answer the following questions.What is the balance in the accounts receivable account at year end?   1. What is the balance in the accounts receivable account at year end?   2. What is the balance in the allowance for doubtful accounts at year end?   3. What is the balance in the bad debt expense account at year end?

The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Market, Incorporated Supply, Incorporated $ 58,600 $ 79,600 Accounts receivable Allowance for doubtful accounts 3,148 Sales revenue 636,960 2,556 917,100 Required: 1. What is the accounts receivable turnover for each of the companies? 2. What is the average days to collect the receivables? 3. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company