Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total...

Percent of Sales Method

At the end of the current year, Accounts Receivable has a balance of $745,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,350,000. Bad debt expense is estimated at 1/4 of 1% of sales.

a.Determine the amount of the adjusting entry for uncollectible accounts.
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b.Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

c.Determine the net realizable value of accounts receivable.
$fill in the blank 5