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Activity Take: Practice! Percent of Sales Method Question 1 Percent of Sales Method At the...

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Activity Take: Practice! Percent of Sales Method Question 1 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $780,000; llowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,510,000. 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. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable

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