A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here:

Accounts receivable$22,100Less: Allowance for bad debts(2,200)$19,900

The company's accounting records revealed the following information for the year ended December 31, 2020:

Sales (all on account)$169,000Cash collections from customers149,000Accounts written off3,200Bad debts expense (accrued at 12/31/20)5,700

Required:

Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)

As of December 31, 2020

What are the the amounts for

ACCOUNTS RECEIVABLE

LESS: Allowance for Bad Debt

Accounts receivable (Net)

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