Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allowance for Doubtful Accounts has a debit balance of $12,500; and sales for the year total

$46,300,000. Bad debt expense is estimated at ½ 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.