Homework Answers
Answer
- [a]
Amount of adjusting entry for uncollectible
= $ 30800 balance required in Allowance account - $ 7000 credit balance already existing in Allowance account
= $ 23,800 - [b]
Accounts receivables = $ 805000
Allowance for Doubtful Accounts = $ 30800
Bad Debt expense = $ 23800
- [c]
Net realizable value = $ 805000 accounts receivables - $ 30800
= $ 774,200
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