Minnesota Company reported the following for the year ended…
Minnesota Company reported the following for the year ended 12/31/20X3: Accounts Receivable at 12/31/X3: $8,000 Allowance for Uncollectible Accounts (credit balance) at 1/1/X3: $950 Total sales during 20X3: $155,000 Collections from customers on account during 20X3: $41,000 Of total sales, 85% were credit sales and the remaining sales were cash sales. Assume uncollectible accounts are determined by the percentage-of-credit-sales method to be 4% of credit sales. Assuming proper adjusting entries are made at year end, what is the balance in the Allowance account to be reported on the balance sheet at 12/31/X3? Enter your answer without a comma, decimal point, or dollar sign.
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