PE 9-3A Percent of Sales Method

PE 9-3A Percent of sales method OBJ.4 At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allow- ance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad debt expense is estimated at of 1% of sales. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable