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At the end of the current year, Accounts Receivable has a balance of $798,500; Allowance for Doubtful Accounts has a credit balance of $6,021; and
At the end of the current year, Accounts Receivable has a balance of $798,500; Allowance for Doubtful Accounts has a credit balance of $6,021; and sales for the year total $2,659,000. 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. 4 b. Determine the adjusted balances of Accounts Recelvable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable
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