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olga nikolaevna [1]
3 years ago
12

At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balan

ce of $5,400; and sales for the year total $3,000,000. An analysis of receivables indicates the uncollectible receivables are estimated to be $45,000. a. Determine the amount of the adjusting entry for bad debt expense. $fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable. $fill in the blank 5
Business
1 answer:
melomori [17]3 years ago
4 0

Answer:

a) The amount of the adjusting entry for bad debt expense = $50,400.

b) The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

1. Adjusted Balance Accounts Receivable = $675,000

2. Allowance for Doubtful Accounts = $45,000

3. Bad Debt Expense = $50,400

c. Determine the net realizable value of accounts receivable = $630,000

Explanation:

A) Data and Calculations:

Accounts Receivable balance = $675,000

Allowance for Doubtful Accounts = $5,400 (debit)

Sales for the year = $3,000,000

Estimated uncollectible receivables = $45,000

Amount of adjustment for bad debt expense = $50,400 ($45,000 + $5,400)

b) The net realizable value of accounts receivable is determined by subtracting the amount of the Allowance for Doubtful Accounts ($45,000) from the balance of Accounts Receivable ($675,000).  This results to a realizable value of $630,000 ($675,000 - $45,000).

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