At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $2,990,000. Bad debt expense is estimated at 1/4 of 1% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4   c.  Determine the net realizable value of accounts receivable.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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At the end of the current year, Accounts Receivable has a balance of $665,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $2,990,000. Bad debt expense is estimated at 1/4 of 1% of sales.

a.  Determine the amount of the adjusting entry for uncollectible accounts.
$fill in the blank 1

b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

Accounts Receivable $fill in the blank 2
Allowance for Doubtful Accounts $fill in the blank 3
Bad Debt Expense $fill in the blank 4

 

c.  Determine the net realizable value of accounts receivable.
$fill in the blank 5

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