1) After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $671,267 and Allowance for Doubtful Accounts has a balance of $20,949. What is the net realizable value of the accounts receivable?

Select the correct answer.

$20,949

$650,318

$692,216

$671,267

2) Allowance for Doubtful Accounts has a credit balance of $512 at the end of the year (before adjustment), and bad debt expense is estimated at 2% of sales. If sales are $580,500, the amount of the adjusting entry to record the estimated uncollectible accounts receivable is

Select the correct answer.

$11,098

$11,610

$512

$12,122