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Question 24 1 pts Find the Net Realizable Value of accounts receivable in this situation: $10,000,000 $6,400,000 Sales Accounts receivable Sales Discounts Allowance for Doubtful Accounts Bad Debt Expense $1,000,000 $400,000 $500,000 The Net Realizable Value (the amount the company expects to collect) is: $6,400,000 0 $9,000,000 $5,400.000 O $6,000,000 Question 20 1 pts Nichols Company uses the % of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? debit Bad Debt Expense 8,000 debit Bad Debt Expense 6,000 debit Bad Debt Expense 8,000 credit Accounts Receivable 8,000 credit Allowance for Doubtful Accounts 6,000 credit Allowance for Doubtful Accounts 8,000 debit Bad Debt Expense 6,000 credit Accounts Receivable 6,000 Question 8 1 pts Montgomery Burns Company gathered the following reconciling information in preparing its August bank reconciliation: $7.000 300 Cash balance per books, 8/31 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks 1,700 40 4,000 NSF check 340 The adjusted cash balance in the company's books on August 31 is: $8,020 $8,320 $4,920 $4,620

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