At the end of the current year, Accounts Receivable has a balance of $2,150,000; Allowance for Doubtful Accounts has a debit balance of $10,500; and sales for the year total $51,850,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $110,000. a. Determine the amount of the adjusting entry for uncollectible accounts.
b. Determine the adjusted balances of (i) Accounts Receivable (ii) Allowance for Doubtful Accounts (iii) Bad Debt Expense.
c. Determine the net realizable value of accounts receivable.

a. Allowance for doubtful accounts = Unadjusted balance + Adjusted balance

= $10,500 + $110,000

= $120,500

b. i)The adjusted balance of accounts receivable shall be $2,150,000(adjusted debit balance)

ii) Adjusted balance = Bad debt expense - Unadjusted balance

= $120,500 - $10,500

= $110,000 (Adjusted credit balance)

iii) Adjusted bad debt expense = Unadjusted balance of allowance for doubtful accounts + Adjusted balance allowance for doubtful accounts

= $10,500 + $110,000

= $120,500 (Adjusted debit balance)

c. Net realizable value = Gross accounts receivable - Allowance for doubtful accounts

= $2,150,000 - $110,000

= $2,040,000

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hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi