At the end of the current year, Accounts Receivable has a balance of $835,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,760,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,300. 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. 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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Analysis of Receivables Method

At the end of the current year, Accounts Receivable has a balance of $835,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,760,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,300.

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.

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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