(Answered) Problemat the end of the current year accounts receivables

Accounting

Problem

At the end of the current year accounts receivables has a balance of $750,000; Allowance for Doubtful Accounts has a debit balance of $6,200; and sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of sales.

Determine (a) the amount of the adjusting entry for bad debt expense; (b) the adjusted balances of Accounts Receivable, Allowance for doubtful accounts, and bad debts and (c) the net realizable value of accounts receivables.

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