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ageNow2| Online teach X genow.com/ilrn/takeAssignment/takeAssignmentMan.doinvokerassignme ?laSearch Show Me How Calculator Print Itenm eBook Analysis of Receivables Methood At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allowance for Doubtful Accounts has a credit balance of $19,670; and sales for the year total $28,550,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $225,000. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, llowance 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 Wark 809 PM 4/10/2018

Explanation / Answer

(a)

The answer is - 205,330

(b)

(c)

Net realizable value of Accounts receivable = Accounts Receivable - Allowance for doubtful accounts

= 1,975,000 - 225,000

= 1,750,000

Beginning balance in the allowance for uncollectible 19,670 ADD : Allowance for uncollectible (plug) 205,330 Ending balance in the allowance for uncollectible 225,000

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