Question
4. Analysis of Receivables Method. Given the info below, please enter the correct answer to the blank spaces _______?_____ At the end of the current
4. Analysis of Receivables Method. Given the info below, please enter the correct answer to the blank spaces "_______?_____"
At the end of the current year, Accounts Receivable has a balance of $685,000; Allowance for Doubtful Accounts has a credit balance of $9,000; and net sales for the year total $7,400,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $50,000.
a. Determine the amount of the adjusting entry for uncollectible accounts. $_______?_____
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable | $_______?_____ |
Allowance for Doubtful Accounts | $_______?_____ |
Bad Debt Expense | $_______?_____ |
c. Determine the net realizable value of accounts receivable. $_______?_____
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