During its first year of operation, John's Repair Service recognized $220,000 of service revenue on account. The ending accounts receivable balance was $15,100. Jake estimates that 3% of sales on account will not be collected; no accounts receivable had been written off by year end. Assume there were no other transactions affecting accounts receivable. a)What amount of cash was collected during the year?
b)What amount of uncollectible accounts expense was recognized during the year?

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The Answer of During its first year of operation, John's Repair Service recognized $220,000 of service revenue on account. The ending accounts receivable balance was $15,100. Jake estimates that 3% of sales on account will not be collected; no accounts receivable had been written off by year end. Assume there were no other transactions affecting accounts receivable. a)What amount of cash was collected during the year?
b)What amount of uncollectible accounts expense was recognized during the year?

During Its First Year of Operation, John's Repair Service Recognized