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Exam # 3 33. At the end of the current year, Accounts Receivable has a balance of $575,000; Allowance for Doubtful Accounts has a credit
Exam # 3 33. At the end of the current year, Accounts Receivable has a balance of $575,000; Allowance for Doubtful Accounts has a credit balance of $7,600; and net sales for the year total $3,500,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $30,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balance of Accounts Receivable, Allowance of Doubtful Accounts;, and Bad Debt Expense; and (c) the net realizable value of accounts receivable. (10 points) Page 10 12
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