At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for...
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable.
Homework Answers
| a | ||
| Amount of the adjusting entry | 226300 | =205000+21300 |
| b | ||
| Accounts Receivable | 4375000 | |
| Allowance for Doubtful Accounts | 205000 | |
| Bad Debt Expense | 226300 | |
| c | ||
| Net realizable value of accounts receivable | 4170000 | =4375000-205000 |
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