Business, 19.03.2020 09:07 sunshine52577oyeor9

At the beginning of Year 3 Omega Company had a $52,000 balance in its accounts receivable account and a $1,400 balance in the allowance for doubtful accounts. During Year 3 Omega experienced the following events.

(1) Omega earned $220,000 of revenue on the account.
(2) Collected $230,000 cash from accounts receivable.
(3) Wrote-off $1,000 of accounts receivable as uncollectible.

Omega estimates uncollectible accounts to be 4% of receivables.
The December 31, Year 3 ending balance in the allowance for doubtful accounts account (balance after expense recognition) is .

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At the beginning of Year 3 Omega Company had a $52,000 balance in its accounts receivable account an...

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