At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $3,020,000. Bad debt expense is estimated at 1.1% of sales.

Determine the amount of the adjusting entry for uncollectible accounts. $

Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt

Expense.

Accounts Receivable $

Allowance for Doubtful Accounts $

Bad Debt Expense $

Determine thenet realizable valueof accounts receivable. $

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At the end of the current year,Accounts Receivablehas a balance of $420,000;Allowance for Doubtful Accountshas a debit balance of $4,000; and sales for the year total $1,890,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,000.

Determine the amount of the adjusting entry for uncollectible accounts. $

Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, andBad Debt Expense.

Accounts Receivable$

Allowance for Doubtful Accounts$

Bad Debt Expense$

Determine thenet realizable valueof accounts receivable. $

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Cube Ice Company received a 120-day, 6% note for $60,000, dated April 9, from a customer on account. Assume 360 days in a year.

Determine the due date of the note.

May 1

July 12

August 1

August 7

November 10

November 15

Determine thematurity valueof the note. $

Journalize the entry to record the receipt of the payment of the note at maturity.Accounts Receivable

Cash

Interest Receivable

Interest Revenue

Notes Receivable

Unearned Interest

____________ $ $

____________ $ $

____________ $ $