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geNOWv2 | Online teach X enow.com/ilm/takeAssignment/takeAssignmentMaîndoinvoke assignme ? | a Search eBook Show Me How Calculator Print Item Analysis of Recervables Method At the end of the current year, Accounts Receivable has a balance of $985,000; Allowance for Doubtful Accounts has a debit balance of $9,000; and sales for the year total $4,430,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $33,300. 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. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense C. Determine the net realizable value of accounts receivable. Previous Next Check My Work 810 PM

Explanation / Answer

a) Adjusting entry amount = 33300+9000 = 42300

b) Adjusted balance :

Account receivable = 985000

Allowance for doubtful accounts = 33300

Bad debt expense = 42300

c) Net realizable value = 985000-33300 = 951700

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