and sales for the year total $51,850,000. Bad Debt Expense is estimated at 1/4 of 1%...

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and sales for the year total $51,850,000. Bad Debt Expense is estimated at 1/4 of 1% of sales. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubiful Accounts, and Bad Debt Expense Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense 110.000 1,205,000 X

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Answer 1

Answer #1

a
Amount of adjusting entry	129625	= 518500001/41%
b
Accounts Receivable	2150000
Allowance for Doubtful accounts	119125	=129625-10500
Bad debt expense	129625

c
Net realizable value of Accounts Receivable	2030875	=2150000-119125

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Answer 2

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At the end of the current year, Accounts Receivable has a balance of $923,730; Allowance for Doubtful Accounts has a credit balance of $6,742; and sales for the year total $3,824,000. Bad debt expense is estimated at 1/2 of 1% of net sales.

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Add Answer to: and sales for the year total $51,850,000. Bad Debt Expense is estimated at 1/4 of 1%...

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and sales for the year total $51,850,000. Bad Debt Expense is estimated at 1/4 of 1%...