Question: Question 8 (0.5 points) Drax Company uses the Allowance Method to account for bad debts. The 12/31/2020 UNADJUSTED trial balance reports Accounts Receivable with a

Question 8 (0.5 points) Drax Company uses the Allowance Method to account for bad debts. The 12/31/2020 UNADJUSTED trial balance reports Accounts Receivable with a normal balance of $65,000 and the Allowance for Doubtful Accounts with a normal balance of $400. After the adjusting entry to estimate bad debts is recorded (at 3% of Accounts Receivable), what is the Net Accounts Receivable (i.e. Cash Realizable Value of Accounts Receivable) reported on the 12/31/2020 balance sheet? $65,000 $63,050 $64,600 $63,450

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