Present the balances in accounts receivable and allowance

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Reference no: EM13577596

At the end of the fiscal year 2012, the Turner Corporation showed the following selected account balances:

Sales (all on credit) $500,000

Accounts Receivable 1,200,000

Allowance for Doubtful Accounts 55,000

Required: 1. Assume the company estimates that 2% of all credit sales will not be collected.

a. Prepare the proper journal entry to recognize the bad debts expense involved.

b. Present the balances in Accounts Receivable and Allowance for Doubtful Accounts as they would appear on the balance sheet. Also show the net realizable Accounts Receivable.

Reference no: EM13577596

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