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What was net realizable value of accounts receivable

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Q1. On December 31, 2020, FunAccounting Company's Accounts Receivable balance was $10,000 and the balance in the Allowance for Doubtful Accounts was $3,000 and Bad debt expense for 2020 was 1,000. What was net realizable value of accounts receivable as of December 31, 2020

A. 7,000

B. 9,000

C. 10,000

D. 6,000

Q2. The adjusted entry was done as of December 30th, 2020. As a result, prepaid rent account was decreased and correct rent expense was recorded. The mentioned entry had the following effect on the Balance Sheet equation

A. Decrease in Assets, Decrease in Equity

B. Decrease in Assets, Decrease in Liability

C. Decrease in Assets, Increase in Equity

D. No change in Assets, Equity and Liabilities

Reference no: EM132906278

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