Analysis of All money claims against other entities, including people, business firms, and other organizations. Receivables Method
At the end of the current year, A claim against the customer created by selling merchandise or services on credit.Accounts Receivable has a balance of $780,000; The contra asset account for accounts receivable.Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,510,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $37,100.
a. Determine the amount of the adjusting entry for uncollectible accounts. $
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and The operating expense incurred because of the failure to collect receivables.Bad Debt Expense.
Accounts Receivable $
Allowance for Doubtful Accounts $
Bad Debt Expense $
c. Determine the The amount that is expected to be collected or realized.net realizable value of accounts receivable. $