Percent of sales method Obj. 4 At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allowance for Doubtful Accounts has a credit balance of $19,670; and sales for the year total $28,550,000. Bad debt expense is estimated at ¾ of 1% of sales.

Determine

(a) the amount of the adjusting entry for uncollectible accounts;

(b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and

(c) the net realizable value of accounts receivable.

AppendixLO1