Analysis of Receivables Method
At the end of the current year, Accounts Receivable has a balance of $760,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,420,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $30,100.
a. Determine the amount of the adjusting entry
for uncollectible accounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
|Allowance for Doubtful Accounts||$|
|Bad Debt Expense||$|
c. Determine the net realizable value of