Analysis of Receivables Method
At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $28,600.
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.
$
a) Adjusting entry amount = 28600+6500 = $35100
b) Account receivable = 735000
Allowance for doubtful accounts = 28600
bad debt expense = 35100
c) Net realizable value = 735000-28600 = 706400
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