Percent of Sales Method At the end of the current year, Accounts Recelvable has a balance of $880,000, Allowance for Doubtful Accounts has a credit balance of $8,000, and sales for the year total...

Extracted text: Percent of Sales Method At the end of the current year, Accounts Recelvable has a balance of $880,000, Allowance for Doubtful Accounts has a credit balance of $8,000, and sales for the year total $3,960,000. Bad debt expense is estimated at 1.25% 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 Recelivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts rețeivable.