At December 31, 2010, Grayson Company reported Accounts Receivable of $36,000 and Allowance for Doubtful...
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At December 31, 2010, Grayson Company reported Accounts Receivable of $36,000 and Allowance for Doubtful Accounts of $4,500. On January 7, 2011, Brady Enterprises declares bankruptcy and it is determined that the receivable of $1,400 from Brady is not collectible.
| 1. | What is the cash realizable value of Accounts Receivable at December 31, 2010? |
| 2. | What entry would Attwood make to write off the Brady account? |
| 3. | What is the cash realizable value of Accounts Receivable after the Brady account is written off? |
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