Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $785,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,530,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. $ 5,887 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 785,0 Allowance for Doubtful Accounts $ 12,88 Bad Debt Expense 3. Determine the net realizable value of accounts receivable. Previous Next structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. structions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account tties. Irect write-off method Chart of Accounts Journal Instructions Mar. 17 Received $1,140 from Shawn McNeely and wrote off the remainder owed of $4,850 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,850 cash in full payment. Joumalize the above transactions, using the direct write-off method of accounting for uncollectible receivables, Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts First Questions Journal nstructions Prefix Supply Company received a 60-day, 5% note for $57.000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. a. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles