After the adjusting entry is made to set up the estimate for uncollectible accounts, Accounts Receivable...
| After the adjusting entry is made to set up the estimate for uncollectible accounts, Accounts | |||||||||||
| Receivable has a debit balance of $512,200, Note Receivable has a debit balance of $23,000, | |||||||||||
| and Allowance for Doubtful Accounts has a credit balance of $20,500. What is the net realizable | |||||||||||
| value of the Accounts Receivable? | |||||||||||
Homework Answers
Answer-------------$491,700
Working
| Accounts receivable (Gross) | $ 512,200.00 |
| Less: allowance for doubtful accounts | $ 20,500.00 |
| Net realizable value of the Accounts Receivable | $ 491,700.00 |
Net realizable value or Carrying value is accounts receivable minus allowance for doubtful accounts .
Notes receivable is a separate account and do not affect accounts receivable account.
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After the adjusting entry is made to set up the estimate for
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