Percent of sales method Obj. 4 At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000.

Bad debt expense is estimated at ¼ 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