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Problem 8 - A Accts Receivable At December 31 of the current year, Spring Green Company's accounts reflect the following balances. 120,000 Bad Debts Expense
Problem 8 - A Accts Receivable At December 31 of the current year, Spring Green Company's accounts reflect the following balances. 120,000 Bad Debts Expense and Allowance for Doubtful Accounts Accounting Principles I (ACC 111) Receivables (Chapter 8) Homework Problems Allowance for Doubtful Accounts 2,000 Accounts Receivable Using the aging method, the balance of Allowance for Doubtful Accounts is estimated at $9,000. Requirements: 1) Prepare the adjusting journal entry, on December 31, to record the estimated amount of uncollectible accounts. Bad Debts Expense 2) Determine the adjusted balances of the following accounts: Allowance for Doubtful Accounts Sales $ 700,000 $ $ 3) Determine the net realizable value of accounts receivable at December 31.
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