Percent of sales method At the end of the current year, Accounts Receivable has a...
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Accounting
Percent of sales method
At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,560,000. 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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