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Determine the adjusted balances of accounts receivable

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Question - At the end of the current year, Accounts Receivable has a balance of $680,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $3,060,000. Bad debt expense is estimated at 1/4 of 1% of sales.

Required -

a. Determine the amount of the adjusting entry for uncollectible accounts.

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

Reference no: EM133137403

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