Question: At the end of the current year Accounts Receivable has

At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allowance for Doubtful Accounts has a debit balance of $12,500; and net sales for the year total $46,300,000. Bad debt expense is estimated at ½ of 1% of net sales.
(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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