At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance...
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Accounting
At the end of the current year, Accounts Receivable has a balance of $926,220 Allowance for Doubtful Accounts has a credit balance of $5,149 and sales for the year total $3,960,000. Bad debt expense is estimated at 12 of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $ Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. $
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