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Find what is the balance in the accounts receivable account

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Reference no: EM133002789

The table below summarizes some balances and activity for Company. The first two balances are at amounts as of the START of the year. The rest summarize activity during the year.

Accounts Receivable, 1/1/Year5 $ 300,000

Allowance for uncollectible accounts 1/1/Year5 (normal credit balance) $25,000

Sales Revenue (all on credit) during Year5 $ 4,000,000

Collections on account during Year5 $ 3,800,000

Write-offs of specific accounts during Year5 $ 23,000

  • Company uses the aging method to estimate uncollectible accounts. Company has aged the ending balance in Accounts receivable and the aging indicates uncollectible accounts of $35,000 as of the end of Year5.

Problem 1: The balances above are just before Company records the adjusting entry for bad debt expense for Year5. What is the balance in the Accounts Receivable account at 12/31/Year5?

Reference no: EM133002789

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