At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales.Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allownaces of Doubtful Accounts; Bad Debt Expense; and (c) the net realizable value of accounts receivable.
Question:At the current year, Accounts Receivable has a balance of $700,000; allowance for DoubtfulAccounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt…
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