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At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: 1. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at 34 of 1% of sales. What is the amount to be debited to Bad Debt Expense? What is the NRV after posting to the allowance account? 2. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000. What is the amount to be debited to Bad Debt Expense? What is the NRV after posting to the allowance account? Determine the due date and the amount of interest due at maturity on the following notes: Interest Rate 5% 8 Date of Note a. January 10 b. March 19 c. June 5 d. September 8 e. November 20 *Assume that February has 28 days. Face Amount $40,000 18,000 90,000 36,000 27,000 Term of Note 90 days 180 days 30 days 90 days 60 days 7 3 4 1. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at 4 of 1% of sales. What is the amount to be debited to Bad Debt Expense? Answer: What is the NRV after posting to the allowance account? Answer: 2. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.- What is the amount to be debited to Bad Debt Expense? Answer: What is the NRV after posting to the allowance account? Answer: Notee Due Date Intereste Ae e Be ce De Ee