Reference no: EM132776898

Accounts receivable - $252,000

Allowance for doubtful accounts - $13,600

During the year, credit sales were $1,622,000 and collections on account were $1,588,000. The following transactions, among others, occurred during the year.

Jan 11 Wrote off J. Smith's accounts, $5,600.

Apr 29 Wrote off B. Bird's account, $2,00

Nov 15 Received $1,000 from B. Bird to pay a debt that had been written off April 29. This amount is not included in the $1,588,000 collections.

Dec 5 Wrote off D. Finger's account, $4,300.

Dec 31 Adjusted the allowance for doubtful accounts to one percent ofc redit sales for the year.

Required

Problem A) What is the amount of bad debt expense for the year?

Problem B) Determine the balance in accounts receivable and the allowance for doubtful accounts.

Problem C) Show how accounts receivables and the allowance for doubtful accounts appear on the December 31 balance sheet.