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Chrome File Edit View History Bookmarks People Window Help 4)) 896 D Sat 8:42 PM a E CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment takeAssignmentMain.doPinvokers&takeAssignmentSessionLocator;=assignment-takeBinprogress-false Chapter 8 Assignment eBook Show Me How Calculator Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $705,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,170,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 1. BE.08-03.ALGO 2. EX.08-03.ALGO 3. EX.08-04.ALGO 4. EX.08-13.BLANKSHEET.AL.. 5. EX.08-19 6. EX.08-20.ALGO 7. PR.08-01 8. PR.08-04.ALGO 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense : 3. Determine the net realizable value of accounts receivable. Check My Work Next Progress: 1/8 items 4. 20Y7Explanation / Answer
Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up Statementshowing Computations Paticulars Amount Sales 3,170,000.00 Allowance at 1/4 of 1% of sales = 3170,000*.0025 7,925.00 Existing balance in doubtful accounts Dr 6,500.00 Amount of adjusting entry = 7925 + 6500 14,425.00 Entry is Bad debts expense dr 14,425.00 To Allowance for doubtful accounts 14,425.00 2) Accounts receivable 705,000.00 Allowance for doubtful accounts 7,925.00 Bad debts expense 14,425.00 3) NRV of AR = 705000-7925 697,075.00
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