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What is the balance in the allowance for doubtful account

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Reference no: EM131792028

A trial balance before adjustment included the following:

Debit Credit

Accounts receivable $80,000

Allowance for doubtful accounts 730

Sales $340,000

Sales returns and allowances 8,000

Prepare the adjusting entries to record bad debt expense, assuming that the estimate of uncollectibles is determined by taking (1) 5% of gross accounts receivable and (2) 1% of net sales.

What is the balance in the allowance for doubtful account (ADA) and the Net Realizable Value (NRV) under each of the estimates used above?

Reference no: EM131792028

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