At the end of the current year, Accounts Receivable has a balance of $143,450; Allowance for Doubtful Accounts has a debit balance of $3,156; and sales for the year total $1,149,000. Bad debt expense is estimated at 1/2 of 1% of sales.
a. Determine the amount of the adjusting entry for bad debt expense.
$fill in the blank 1
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
|Accounts Receivable||$fill in the blank 2|
|Allowance for Doubtful Accounts||fill in the blank 3|
|Bad Debt Expense||fill in the blank 4|
c. Determine the net realizable value of accounts receivable.
$fill in the blank 5
Please show all step by step calculation
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