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Cengage xCengageNOWv2 | Online teachin X+ ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 9-2 Practice Exercises eBook Show Me Hovw Calculator Print Itemm Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $740,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,330,000. Bad debt expense is estimated at 1/2 of 1% of sales a. Determine the amount of the adjusting entry for uncollectible accounts 16,650 V b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Adjusted Balance Debit (Credit) Accounts Receivable 740,000 Allowance for Doubtful Accounts10,150 x Bad Debt Expense 16,650 Determine the net realizable value of accounts receivable 729,850 X Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts can be estimated as a percent of credit sales. If the portion of credit sales to sales is relatively constant, the percent may be applied to total sales b. Under the percent of sales method, the amount of the adjustment is the amount estimated for Bad Debt Expense C. Remember that net realizable value is the amount that is expected to be collected or realized Check My Work 0 more Check My Work uses remaining Previous Next Assignment Score: 52% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Cengage xCengageNOWv2 | Online teachin X+ ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 9-2 Practice Exercises eBook Show Me Hovw Calculator Print Itemm Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $740,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,330,000. Bad debt expense is estimated at 1/2 of 1% of sales a. Determine the amount of the adjusting entry for uncollectible accounts 16,650 V b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Adjusted Balance Debit (Credit) Accounts Receivable 740,000 Allowance for Doubtful Accounts10,150 x Bad Debt Expense 16,650 Determine the net realizable value of accounts receivable 729,850 X Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts can be estimated as a percent of credit sales. If the portion of credit sales to sales is relatively constant, the percent may be applied to total sales b. Under the percent of sales method, the amount of the adjustment is the amount estimated for Bad Debt Expense C. Remember that net realizable value is the amount that is expected to be collected or realized Check My Work 0 more Check My Work uses remaining Previous Next Assignment Score: 52% All work saved Email InstructorSave and Exit Submit Assignment for Grading

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi, I attempted this problem but got 2 sections incorrect. Can you help me to solve for the values and explain how? I thought I did it correctly but I made a mistake somewhere along the time but can't figure out where. Thanks!

Cengage xCengageNOWv2 | Online teachin X+ ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 9-2 Practice Exercises eBook Show Me Hovw Calculator Print Itemm Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $740,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,330,000. Bad debt expense is estimated at 1/2 of 1% of sales a. Determine the amount of the adjusting entry for uncollectible accounts 16,650 V b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Adjusted Balance Debit (Credit) Accounts Receivable 740,000 Allowance for Doubtful Accounts10,150 x Bad Debt Expense 16,650 Determine the net realizable value of accounts receivable 729,850 X Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts can be estimated as a percent of credit sales. If the portion of credit sales to sales is relatively constant, the percent may be applied to total sales b. Under the percent of sales method, the amount of the adjustment is the amount estimated for Bad Debt Expense C. Remember that net realizable value is the amount that is expected to be collected or realized Check My Work 0 more Check My Work uses remaining Previous Next Assignment Score: 52% All work saved Email InstructorSave and Exit Submit Assignment for Grading
Transcribed Image Text:Cengage xCengageNOWv2 | Online teachin X+ ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 9-2 Practice Exercises eBook Show Me Hovw Calculator Print Itemm Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $740,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,330,000. Bad debt expense is estimated at 1/2 of 1% of sales a. Determine the amount of the adjusting entry for uncollectible accounts 16,650 V b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense Adjusted Balance Debit (Credit) Accounts Receivable 740,000 Allowance for Doubtful Accounts10,150 x Bad Debt Expense 16,650 Determine the net realizable value of accounts receivable 729,850 X Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts can be estimated as a percent of credit sales. If the portion of credit sales to sales is relatively constant, the percent may be applied to total sales b. Under the percent of sales method, the amount of the adjustment is the amount estimated for Bad Debt Expense C. Remember that net realizable value is the amount that is expected to be collected or realized Check My Work 0 more Check My Work uses remaining Previous Next Assignment Score: 52% All work saved Email InstructorSave and Exit Submit Assignment for Grading
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