The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable -600,000 Allowance for doubtful accounts-25,000 Assuming on December 31,2019, the company determined that 2% of sales is uncollectible. Question 1. What js the adjusting entry to recognize this? Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment? Question 3. What is the net realizable balance of the Accounts Receivable?

The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable -600,000 Allowance for doubtful accounts-25,000 Assuming on December 31,2019, the company determined that 2% of sales is uncollectible. Question 1. What js the adjusting entry to recognize this? Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment? Question 3. What is the net realizable balance of the 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 4MC

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