At 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.(a) Determine the amount of adjusting entry for uncollectible accounts; (b) The adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense;(c) The net realizable value of accounts receivable.
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