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At the end of the current year, the U.R. Wrong Company showed the following selected account balances: Sales (all on credit). Accounts Receivable ..$28,550,000 $1,300,000

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At the end of the current year, the U.R. Wrong Company showed the following selected account balances: Sales (all on credit). Accounts Receivable ..$28,550,000 $1,300,000 $19,670 Allowance for Doubtful Accounts Required: 1. Assume the company estimates that %% of all credit sales will not be collected. a. b. Prepare the proper adjusting journal entry to estimate the uncollectible accounts. Compute the ending account balances for Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Present the net realizable Accounts Receivable balance as it would appear on the balance sheet. C. 2. Assume the company uses the Accounts Receivable aging method and the balance of the Allowance for Doubtful Accounts is estimated to be $225,000. a. b. Prepare the proper adjusting journal entry to estimate the uncollectible accounts. Compute the ending account balances for Accounts receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Present the net realizable Accounts Receivable balance as it would appear on the balance sheet. c

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