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Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of ( $ 545,000 ), Allowance for Doubtful Accounts

image text in transcribed Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of \\( \\$ 545,000 \\), Allowance for Doubtful Accounts has a credit balance of \\( \\$ 5,000 \\), and sales for the year total \\( \\$ 2,450,000 \\). Bad debt expense is estimated at \\( 1 / 4 \\) of \1 of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. \\( \\$ \\) b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable. \\( \\$ \\) Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of \\( \\$ 545,000 \\), Allowance for Doubtful Accounts has a credit balance of \\( \\$ 5,000 \\), and sales for the year total \\( \\$ 2,450,000 \\). Bad debt expense is estimated at \\( 1 / 4 \\) of \1 of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. \\( \\$ \\) b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. c. Determine the net realizable value of accounts receivable. \\( \\$ \\)

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