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Determine the amount of the adjusting entry

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Question - At Dec 31, 2017, Yummy Cakes Company Accounts Receivable balance is $140,000, Allowance for Doubtful Accounts has a $5,000 credit unadjusted balance, credit sales for the year amounted to $620,000 and an aging of the receivables schedule estimated $29,000 as uncollectible.

Required -

1. Determine the amount of the adjusting entry. Show calculation; but, showing the AFDA is not mandatory.

2. Determine the net realizable value of accounts receivable. Show calculation.

3. If Yummy Cakes estimated their uncollectible receivables using 5% of their credit sales instead, how much would be the adjusted balance for the AFDA? Show calculation; but, showing the AFDA is not mandatory.

Reference no: EM132865288

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