Analysis of Receivables Method

At the end of the current year, Accounts Receivable has a balance of $455,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and sales for the year total $2,050,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $19,600.

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

Quick Tire and Lube received a 120-day, 9% note for $84,000, 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.