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Percent of Sales Method
At the end of the current year, Accounts Receivable has a balance of $805,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,620,000. 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.
| Adjusted Balance Debit (Credit) |
|
| Accounts Receivable | $ |
| Allowance for Doubtful Accounts | $ |
| Bad Debt Expense | $ |
c. Determine the net realizable value of accounts receivable.
$
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