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Question - Sonja's 12-31-16 unadjusted trial balance shows accounts receivable of $2,500,000 and an allowance for doubtful accounts of $11,500. During 2016, Sonja wrote off $22,000 of receivables. During 2016, Sonja had $4,000 of subsequent collections of receivables previously written off. Sonja only records AJEs once each year as of year-end 12-31.
Required -
a. What was the balance in Sonja's allowance for doubtful accounts as of 01-01-16?
b. If Sonja estimates 3% of her ARs will be uncollectible, prepare the AJE she should make to record bad debt expense for 2016.
c. After making the AJE in part (b), what will be the net realizable value of Sonja's receivables as of 12-31-16?
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