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6. At the end of the current year, Accounts Receivable has a balance of $249,499, Allowance for Doubtful Accounts has a debit balance of $2,400, and sales for the year total $1,322,000. Bad debt expense is estimated at of 1% of sales. (a). What is the bad debt expense for the current year? $ (b.) What is the net realizable value of the accounts receivable, after adjustments? 7. On April 4th, received a $82,400 note for 90days at 79, on account. (a) journalize the receipt of the note on account, (b) journalize the payment on the maturity date. 8. On May 2nd, received a 142,200 note for 120days at 9%, on account. (a) journalize the receipt of the note on account, (b) journalize the dishonored note on the maturity date, (c) journalize the renewal of note for an additional 60days at 9% (c) the receipt of the maturity value on the maturity date. Do you know the answer? 1. identify the four 2. Does every adjusting entry affect net income for a period? different categories of adjusting entries frequently required at the end of an accounting period. 3. What types of accounts are referred to as temporary accounts? 4. Why are closing entries required at the end of an accounting period? 5. What is a fiscal year? 6. The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference? 7. What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit? 8. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400 and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet

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