Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $110,000 and $134,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $210 in accounts receivable were written off during 2021 and if the allowance account had a balance of $510 on December 31, 2021?

$49,710

Explanation:

Sales during the year        $110,000

Collections during the year ($134,000)

Bad Debts Written off                    ($210)

A/R Closing 510/2%                 ( $25,500)

A/R Opening                               $49,710

Through T-Account approach we can figure out the missing figure of opening account receivable.    

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

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