At the end of the current year, Accounts Receivable has a balance of $1,400,000;

ID: 2386395 • Letter: A

Question

At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Bad debt expense is estimated at 1/4 of 1% of net sales.

1. Determine the amount of the adjusting entry for uncollectible accounts.
$23750

2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable $ 1400000
Allowance for Doubtful Accounts $ need answer
Bad Debt Expense $ 23750

3. Determine the net realizable value of accounts receivable.
$ need answer

Explanation / Answer

2. (2,250) +23,750= 21,500 3. 1,400,000- 21,500= 1,378,500

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At the end of the current year, Accounts Receivable has a balance of $1,400,000;

At the end of the current year, Accounts Receivable has a balance of $2,500,000;

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At the end of the current year, Accounts Receivable has a balance of $1,400,000;

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Explanation / Answer

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