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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 $575,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,590,000. Bad debt expense is estimated at 1/4 of 1% of sales.

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Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $575,000; Allowance for Doubtful accounts has a credit balance of $5,000; and sales for the year total $2,590,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful . accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful accounts Bad Debt Expense - 3. Determine the net realizable value of accounts receivable

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