Question

At the end of the current year, Accounts Receivable has a balance of $405,000; Allowance for...

At the end of the current year, Accounts Receivable has a balance of $405,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,820,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,200.

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.
$

Homework Answers

Answer #2
Answer

a

Amount of the adjusting entry $       21,700 18200+3500
b
Accounts Receivable $     405,000
Allowance for Doubtful Accounts $       18,200
Bad Debt Expense $       21,700
c
Net realizable value of accounts receivable $     386,800 405000-18200
answered by: anonymous
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