At the end of the current year, Accounts Receivable has a balance of $909,770; Allowance for Doubtful
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Question:
At the end of the current year, Accounts Receivable has a balance of $909,770; Allowance for Doubtful Accounts has a credit balance of $7,798; and sales for the year total $3,478,000. Bad debt expense is estimated at 1/2 of 1% of net sales.
a. Determine the amount of the adjusting entry for bad debt expense.
$fill in the blank 1
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Adjusted Balance | ||
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.
Posted Date: