**Accounts Receivable Analysis**At the end of the current year:- **Accounts Receivable** has a balance of $470,000.- **Allowance for Doubtful Accounts** has a debit balance of $4,000.- **Sales for the year** total $2,120,000.Using the aging method, the balance of Allowance for Doubtful Accounts is estimated at $18,000.**a. Adjusting Entry for Uncollectible Accounts**Determine the amount of the adjusting entry:- **$22,000** ✓**b. Adjusted Balances**Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense:- **Accounts Receivable:** $470,000 (not shown but implied)- **Allowance for Doubtful Accounts:** $18,000 ✓- **Bad Debt Expense:** $22,000 ✓**c. Net Realizable Value**Determine the net realizable value of accounts receivable:- **$448,000** ✗The image shows correct and incorrect calculations with check and cross symbols for validation.

Bad debts expense = Estimated uncollectible accounts + Debit balance of Allowance for Doubtful…

At the end of the current year, Accounts Receivable has a balance of $470,000; Allowance for Doubtful Accounts has a debit balance of $4,000; and sales for the year total $2,120,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,000. a. Determine the amount of the adjusting entry for uncollectible accounts. 22,000 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 452,000 X Allowance for Doubtful Accounts $ 18,000 Bad Debt Expense 22,000 c. Determine the net realizable value of accounts receivable. $ 448,000 X

At the end of the current year, Accounts Receivable has a balance of $470,000; Allowance for Doubtful Accounts has a debit balance of $4,000; and sales for the year total $2,120,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,000. a. Determine the amount of the adjusting entry for uncollectible accounts. 22,000 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ 452,000 X Allowance for Doubtful Accounts $ 18,000 Bad Debt Expense 22,000 c. Determine the net realizable value of accounts receivable. $ 448,000 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject :- Accounting
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