At the beginning of the year, accounts receivable were $150,000 and the allowance for bad debts...
At the beginning of the year, accounts receivable were $150,000 and the allowance for bad debts was $12,100. During the year, sales (all on account) were $606,000, cash collections were $586,000, bad debts expense totaled $16,000, and $12,600 of accounts receivable were written off as bad debts.
Required:
Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint: Use T-accounts to analyze each of these accounts, plug in the amounts that you know, and solve for the ending balances.)
Homework Answers
| Ending balance | |
| Accounts Receivable | 157400 |
| Allowance for Bad Debts | 15500 |
| Workings: | |
| Accounts Receivable, beginning | 150000 |
| Add: Sales on account | 606000 |
| Less: Cash collections | -586000 |
| Less: Accounts receivable written off | -12600 |
| Accounts Receivable, ending | 157400 |
| Allowance for Bad Debts,beginning | 12100 |
| Add: Bad debts expense | 16000 |
| Less: Accounts receivable written off | -12600 |
| Allowance for Bad Debts,ending | 15500 |
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