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r1-r2 Chapter 8-Percentage of Receivables Method of the current year, Accounts...

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Accounting

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Chapter 8-Percentage of Receivables Method of the current year, Accounts Receivable has a balance of $670,000; Allowance for uncollectible receivables at 3%. ccounts has a credit balance of $12,500; and sales for the year total $3,200,000. An analysis of receivables estimates R1: Determine the following: (a) The Allowance for Doubtful Accounts (Claired based on %ofreceivables) (b) Bad Debt Expense (e) The Net Realizable Value of Accounts Receivable (Net Accounts Receivable) R2: Prepare the journal entry to record bad debt expense. Account Debit Credit Record the bad debt expense for the period

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