Question
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit
Analysis of Receivables Method
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable | $fill in the blank 2 |
Allowance for Doubtful Accounts | $fill in the blank 3 |
Bad Debt Expense | $fill in the blank 4 |
c. Determine the net realizable value of accounts receivable.
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