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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 $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt expense is estimated at 1/4 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.

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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