$/$takeAssignment$/$takeAssignmentMain$.$do$?$invoker$=$&takeAssignmentSessionLocator$=$assignment$-$take&inprogress$=$false

eBook

Show Me How

Print litem

Learning Objective $4$

At$-$the end of the current year, Accounts Receivable has a balance of $$700,000$; Allowance for Doubtful Accounts, has a credit balance of $$6,500$; and sales for the year total $$3,150,000.$ Bad debt expense is estimated at $\frac{1}{4}$ of $1\%$ of sales.

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

$

b$.$ Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts; and Bad Debt Expense.

Accounts Receivable

Allowance for Doubtful Accounts

$$

$$

Bad Debt Expense $$

c$.$ Determine the net realizable value of accounts receivable.

$