Solution a:
Amount of adjusting entry for uncollectible accounts = $2,630,000*1%*1/4 = $6,575
Solution b:
Accounts receivables = $585,000
Allowance for doubtful accounts = $6,575 - $5,500 = $1,075
Bad debts expense = $6,575
Solution c:
Net realizable value of accounts receivables = Gross receivables - Allowance for doubtful accounts
= $585,000 - $1,075 = $583,925
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