Lily Map Company's balance sheet at December 31, 2015, reported the following: (Click the icon to view the data.) Read the fequirements re Requirement 1. How much of the receivables did Lily expect to collect? Stated differently, what was the net realizable value of these receivables? The net realizable value of these receivables is

Lily Map Company's balance sheet at December 31, 2015, reported the following Click the icon to view the data ) Read the outcomens e Requirement 1. How much of the receivables did Lily expect to collect? Stated differently, what was the net realizable value of these receivables? The net realizable value of these receivables is SS Data table Accounts Receivable $ 75,000 Less: Allowance for bad debts 3,000 Print Done Requirements 1. 2. a. How much of the receivables did Lily expect to collect? Stated differently, what was the net realizable value of these receivables? Journalize, without explanations, 2016 entries for Lily and post to the Accounts Receivable and Allowance for Bad Debts T-accounts. Total credit sales for 2016 were $110,000. b. Lily received cash payments on account during 2016 of $88,000. Accounts receivable identified to be uncollectible totaled $8,800. Record the adjusting entry to recognize bad debts expense using the following independent situations and then post to the Bad Debts Expense and Allowance for Bad Debts T-accounts. 6% of credit sales were estimated to be uncollectible. b. An aging of receivables indicates that $1,100 of the receivables are estimated to be uncollectible. C. 3. a. Print Done