At the current year, Accounts Receivable has a balance of $700,000; allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales.
(a) Determine the amount of adjusting entry for uncollectible accounts;
(b) The adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense;
(c) The net realizable value of accounts receivable.