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Determine the carrying amount of the accounts receivable

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Reference no: EM132615298

Question - Novakowski Products needs to prepare their year-end financial statements. On December 31, 2021, the balance in Accounts Receivable was $680,000. An aging analysis of the accounts receivable indicated that $16,500 of the accounts receivable is expected to be uncollectible.

Instructions -

a) Prepare the adjusting entries to record estimated bad debt expense using the percentage of receivables approach for each independent assumption:

i) Allowance for Doubtful Accounts has a credit balance of $3,200 before adjustment.

ii) Allowance for Doubtful Accounts has a debit balance of $730 before adjustment.

b) Determine the carrying amount of the accounts receivable at December 31, 2021 after the required adjustments under each assumption.

Reference no: EM132615298

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