Graded Homework Saved A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable Lesst Allowance for bad debts $ 24,200 (2.600) $21,600 The company's accounting records revealed the following information for the year ended December 31, 2020: es Sales (all on account) Cash collections from customers Accounts written oft Bad debts expense (accrued at 12/31/20) $153,500 153,500 2,900 5,500 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 216.500 156.400 $ 80,100 Next >