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Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $630,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,840,000. Bad debt expense is estimated at 3/4 of 1% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4   c.  Determine the net realizable value of accounts receivable.$fill in the blank 5

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $630,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,840,000. Bad debt expense is estimated at 3/4 of 1% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4   c.  Determine the net realizable value of accounts receivable.$fill in the blank 5

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Percent of Sales Method

At the end of the current year, Accounts Receivable has a balance of $630,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,840,000. Bad debt expense is estimated at 3/4 of 1% of sales.

a.  Determine the amount of the adjusting entry for uncollectible accounts.
$fill in the blank 1

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

  Adjusted Balance
Debit (Credit)
Accounts Receivable $fill in the blank 2
Allowance for Doubtful Accounts $fill in the blank 3
Bad Debt Expense $fill in the blank 4

 

c.  Determine the net realizable value of accounts receivable.
$fill in the blank 5

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