The Lynbrook Rentals Company offers credit terms to all of its
customers. At the end of 2019, accounts receivables totaled
$3,400,000. During 2020 credit sales were $2,100,000 and cash
collections from customers were $3,700,000. The allowance method is
used to account for uncollectible accounts. The allowance for
uncollectible accounts had a credit balance of $42,000 at the
beginning of 2020 and $70,000 in receivables were written off
during the year as uncollectible. In addition, $20,000 was
collected from a customer...