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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for Doubtful Accounts has a credit
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $2,990,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $24,600. 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. Note Receivable Same Day Surgery Center received a 120-day, 8% note for $12,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug
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