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At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,150,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $30,000.
Determine
(1) The amount of the adjusting entry for uncollectible accounts;
(2) The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
(3) The net realizable value of accounts receivable.
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Create a T-account for the Allowance for Doubtful Accounts and enter into it the 2011 amounts from the above schedule. Then write the T-account in equation format to prove that the above items account for the changes in the account. Record summary jo..
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Soft Light Company produces speciality lamps and sell them to retail stores. During the lastest year, the company sold 40,000 lamps at an average of $70 per lamp.
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