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11: (10 Points) At the end of the current year, Accounts Receivable has a balance of $1,500,000; Allowance for Doubtful Accounts has a DEBIT

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11: (10 Points) At the end of the current year, Accounts Receivable has a balance of $1,500,000; Allowance for Doubtful Accounts has a DEBIT balance of $800; and sales for the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales. Using the Percentage of Sales Method: determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable (c) the net realizable value of accounts receivable. A: Amount of adjusting entry: B: Accounts Receivable C: Net Realizable Value

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