Accounts Receivable NRV. The UNY company provides tutoring services to students and expects the students will pay amounts billed to them within 30 days of receiving the service. On occasion students pay later than 30 days and sometimes (although rarely) do not fully pay the full amount charged to them. During the year UNY billed $170,000 to their student customers on account. The Company maintains their books on a calendar year basis: January 1- December 31, 2021. The Company utilizes the percent of revenue method for determining its bad debt expense and allowance for doubtful accounts. Its historical uncollectible percent of revenue is 4%. During the year UNY collected $120,000 in cash from accounts receivables. A: What is the Net Realizable Value (NRV) of UNY Companys receivables at December 31, 2021?

B: Using the set of facts from question two what are the accounting entries that UNY Company would make during the year? This should include billed revenue, cash collections, allowance for doubtful accounts and bad debt expense (uncollectible accounts expense).