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How much is the net realizable value of accounts receivable

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Problem - Assume that your company's first three sales were made on account in 2019 as follows:

Minnie, $1,000

Donald, $1,000

Mickey, $1,000

Assume also that none of the accounts are due until 2020 but it is probable that one of the accounts will turn out to be uncollectible. However as of 12/31/19 you do not know which specific account will be uncollectible.

Based on these facts, how much is the net realizable value of accounts receivable? What journal entry is needed to record bad debt expense for 2019?

Reference no: EM132944700

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