july 29: reinstated the account of keith macpherson and received $7,530 cash in full payment

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $535,000; Allowance for Doubtful Accounts has a debit balance of $5,000; and sales for the year total $2,410,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense 3. Determine the net realizable value of accounts receivable. If an asset is long-lived and is used in a productive manner in a business, it will be classified as a(n) O a. expense. O b. fixed asset. O c. investment. O d. intangible asset