At the end of the current year, Accounts Receivable has a balance of $845,000; Allowance...
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Accounting
At the end of the current year, Accounts Receivable has a balance of $845,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,800,000. Bad debt expense is estimated at 1/4 of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts. fill in the blank 1 of 1$
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Line Item Description
Amount
Accounts Receivable
$fill in the blank 2
Allowance for Doubtful Accounts
$fill in the blank 3
Bad Debt Expense
$fill in the blank 4
c. Determine the net realizable value of accounts receivable. fill in the blank 1 of 1$
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