The following details were given by a business about its first year of trading. Credit sales $93730. Receipts from credit customers $76500. Irrecoverable debt written off $150. Contra entered between purchases ledger and sales ledger $80. At the close of the year, the net trade receivables shown in the statement of financial position amounted to $16660. What was the balance on the provision for doubtful debts account at the end of the year?
- A$340
- B$490
- C$500
- D$650