please check and do 00, T- Format Tools Table Window Help ACCT-101 Final Exam-Pa

Question

please check and do

00, T- Format Tools Table Window Help ACCT-101 Final Exam-Part 1-Summer 2018 ReferencesMallings Review View AaBb Hesd ng 1 c. Determine the net realizable value of accounts receivable (2 point) Net Realizable value of accounts receivable is $1,750,000 22. At the end of the current year, Accounts Receivable has a balance of S1.975,000 Allowance for Doubtful Accounts has a credit balance of $19,670; and sales for the year total S28,550,000. Using the aging method, the balance of Allowance for Accounts is estimated as $205,000. (Total 10 points) a. the amount of the adjusting entry for uncollectible accounts. (2 points) 2s,coo 11,610 18S,330 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. (6 points) Accounts Receivable Allowance for Doulbrful Accounts9330 Bad Debt Expense c. Determine the net realizable value of uccounts receivable (2 point) I), COO Engs?(United States to

Explanation / Answer

1)Amount for adjusting entry = Estimated uncollectible amount - unadjusted balance in allowance account

           = 205000 - 19670

          = 185330

2)Accounts receivable : $ 1975000

Allowance for doubtful account = 205000

Bad debt expense = $ 185330

3)Net realizable value =accounts receivable -adjusted balance in allowance for doubtful account

       = 1975000-205000

      = $ 1770000

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