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[Allowance method for AR] On December 31,2024 , the balance in Accounts Receivable for Nolte Company was $680,000 and net credit sales amounted to $3,700,000
[Allowance method for AR] On December 31,2024 , the balance in Accounts Receivable for Nolte Company was $680,000 and net credit sales amounted to $3,700,000 during 2024. To apply aging analysis, Nolte company prepares the following schedule for Accounts Receivables. Instructions (a) How much is the total estimated uncollectible amount? (b) What amount should be reported in the statement of financial position as net realizable value of accounts receivables? (c) Prepare the adjusting entries to record estimated bad debt expenses when Allowance for Doubtful Accounts has a credit balance of $3,200 before adjustment. (d) Prepare the adjusting entries to record estimated bad debt expenses Allowance for Doubtful Accounts has a debit balance of $730 before adjustment
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