7.Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

7.Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $545,000; Allowance for Doubtful Accounts has a debit balance of $5,000; and sales for the year total $2,450,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. 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. $

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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $480,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,160,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $17,100. 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...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $490,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,210,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,500. 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...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $455,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and sales for the year total $2,050,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $19,600. 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...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $465,000; Allowance for Doubtful Accounts has a debit balance of $4,000; and sales for the year total $2,090,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $20,800. 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...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $680,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,060,000. Bad debt expense is estimated at 1/4 of 1% of sales. 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...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $840,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,780,000. Bad debt expense is estimated at 3/4 of 1% of sales. 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. Adjusted Balance Debit (Credit) Accounts Receivable...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...

Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $895,000; Allowance for Doubtful Accounts has a credit balance of $8,000; and sales for the year total $4,030,000. Bad debt expense is estimated at 1/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. $ 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful...

At the end of the current year, the accounts receivable account has a debit balance of...

At the end of the current year, the accounts receivable account has a debit balance of $932,000 and sales for the year total $10,570,000. The allowance account before adjustment has a debit balance of $12,600. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a debit balance of $12,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $40,300. The allowance account before adjustment has a credit...

At the end of the current year, Accounts Receivable has a balance of $969,540 Allowance for...

At the end of the current year, Accounts Receivable has a balance of $969,540 Allowance for Doubtful Accounts has a credit balance of $5,287 and sales for the year total $2,224,000. Bad debt expense is estimated at ½ of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $ Allowance for Doubtful Accounts...

At the end of the current year, the accounts receivable account has a debit balance of...

At the end of the current year, the accounts receivable account has a debit balance of $1,095,000 and sales for the year total $12,420,000. The allowance account before adjustment has a debit balance of $14,800. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $14,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $47,400. The allowance account before adjustment has a credit...

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7.Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance...

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