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eBook Show Me How Print Item Percent of sales method At the end of...

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Accounting

eBook
Show Me How
Print Item
Percent of sales method
At the end of the current year, Accounts Receivable has a balance of $870,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $3,920,000. Bad debt expense is estimated at 14 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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