Percent of Sales Method

At the end of the current year, Accounts Receivable has a balance of $515,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,320,000. Bad debt expense is estimated at 1/2 of 1% of sales.

1. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1

2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

Accounts Receivable	$fill in the blank 2
Allowance for Doubtful Accounts	$fill in the blank 3
Bad Debt Expense	$fill in the blank 4

3. Determine the net realizable value of accounts receivable. $fill in the blank 5