X Print item Tony teach 2.Cengage Leaming G At the end of the current year x + akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSestaonlocator &inprogress=false Show Me How Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $535,000: Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2.410,000. Bad debit expense is estimated at 1/4 of 15 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. Accounts Receivable 535,000 Allowance for Doubtful Accounts Bad Debt Expense Determine the net reliable value of accounts receivable Chewy Remember that since accounts receivable are created by credit sales, un collectible accounts can be estimated the portion of credit sales to sales is relatively constant, the percent may be applied to total sales b. Under the percent of sales method, the amount of the adjustment is the amount estimated for Bad Debt Remember that realizable value is the amount that is expected to be collected or realized Check My Work houses DE