Question
At the end of the current year, Accounts Receivable has a balance of $920,000; Allowance for Doubtful Accounts has a credit balance of $8,500; and
At the end of the current year, Accounts Receivable has a balance of $920,000; Allowance for Doubtful Accounts has a credit balance of $8,500; and sales for the year total $4,140,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $39,100.
a. Determine the amount of the adjusting entry for uncollectible accounts. fill in the blank 1 of 1$
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Line Item Description | Amount |
---|---|
Accounts Receivable | $fill in the blank 2 |
Allowance for Doubtful Accounts | $fill in the blank 3 |
Bad Debt Expense | $fill in the blank 4 |
c. Determine the net realizable value of accounts receivable. fill in the blank 1 of 1$
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