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2-3 p.422 PE 9-3A Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allow-

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2-3 p.422 PE 9-3A Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allow- ance 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 4 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. -3 p.422 PE 9-3B Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allow- ance 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 5 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

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