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Percent of Sales Method At the end of the current year, Accounts Receivable...

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Accounting

Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad Debt Expense is estimated at (1)/(2) of 1% of sales.
a. Determine the amount of the adjusting entry for uncollectible accounts.
$fill in the blank 1
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Adjusted Balance
Debit (Credit)
Accounts Receivable $fill in the blank 2
Allowance for Doubtful Accounts $fill in the blank 3
Bad Debt Expense $fill in the blank 4
c. Determine the net realizable value of accounts receivable.
$fill in the blank 5

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