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At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Bad debt expense is estimated at 1/4 of 1% of net sales.

1. Determine the amount of the adjusting entry for uncollectible accounts.$23750

2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

Accounts Receivable $ 1400000
Allowance for Doubtful Accounts $ need answer
Bad Debt Expense $ 23750

3. Determine the net realizable value of accounts receivable.$ need answer

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978008

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