At the beginning of the current period, Novak Corp. had balances in Accounts Receivable of $ 213,500 and in Allowance for Doubtful Accounts of $ 8,500 (credit). During the period, it had net credit sales of $ 878,100 and collections of $ 704,650. It wrote off as uncollectible accounts receivable of $ 7,543. However, a $ 3,093 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $ 24,950 at the end of the period. (Omit cost of goods sold entries.)

Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

What is the net realizable value of the receivables at the end of the period?

No. Account Titles and Explanation Debit Credit (a) Accounts Receivable 878,100 Sales Revenue 878,100 (To record sales) Cash 704,650 Accounts Receivable 704,650 (b) Allowance for Doubtful Accounts 7,543 Accounts Receivable 7,543 (c) Accounts Receivable 3,093 Allowance for Doubtful Accounts 3,093 (To reinstate account previously written off) Cash 3,093 Accounts Receivable 3,093 (d) Bad Debt Expense 7 Allowance for Doubtful Accounts