At December 31 of the current year, Account Receivable has a balance of $900,000, the Allowence for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000. Using the aging-of-receivables method, the balance of Allowence for Uncollectible Accounts is estimated at $30,000.

Required:

1. Journalize the adjusting entry. Omit the explanation.

2. Determine the net realizable value of accounts receivable at the end of the year.