At the end of the current year, Accounts Receivable has a balance of $834,120; Allowance for Doubtful Accounts has a credit balance of $5,274; and sales for the year total $3,759,000. Bad debt expense is estimated at 1/2 of 1% of net sales.

a. Determine the amount of the adjusting entry for bad debt expense. $fill in the blank 1

b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

	Adjusted Balance
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. $fill in the blank 5

Journalize the following merchandise transactions. The company uses the perpetual inventory system.

a. Sold merchandise on account, $13,400 with terms 2/10, net 30. The cost of the goods sold was $8,710. If an amount box does not require an entry, leave it blank.

fill in the blank b17cf6f1efcaff7_2 fill in the blank b17cf6f1efcaff7_3 fill in the blank b17cf6f1efcaff7_5 fill in the blank b17cf6f1efcaff7_6 fill in the blank b17cf6f1efcaff7_8 fill in the blank b17cf6f1efcaff7_9 fill in the blank b17cf6f1efcaff7_11 fill in the blank b17cf6f1efcaff7_12 b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.

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