Question: QUESTION 39 Use the following data for the next 3 questions. (Question 3 of 3) At the end of January, the unadjusted trial balance of

QUESTION 39

  1. Use the following data for the next 3 questions. (Question 3 of 3)

    At the end of January, the unadjusted trial balance of Vernon, Inc., included the following accounts:

    ACCOUNT

    Debit

    Credit

    Sales (80% represent credit sales)

    $150,000

    Accounts Receivable

    $110,000

    Allowance for Doubtful Accounts

    $2,000

    Refer to the above data. Vernon estimates bad debts expense to be 2% of credit sales. After the adjusting entry is made, the net realizable value of Vernons accounts receivable in the January 31 balance sheet is:

    A.

    $117,600
    B.

    $106,720
    C.

    None of the above
    D.

    $107,600
    E.

    $108,480

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