Question

At the end of the current year, Accounts Receivable has a balance of $685,000; Allowance for Doubtful Accounts has a credit balance of $9,000; and net sales for the year total $7,400,000. Bad debt expense is estimated at ¾ of 1% of net sales.
Determine
(a) The amount of the adjusting entry for uncollectible accounts;
(b) The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense;
(c) The net realizable value of accounts receivable.



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  • CreatedFebruary 28, 2014
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