At the End of the Current Year,Accounts Receivable Has a Balance

question 81

Essay

At the end of the current year,Accounts Receivable has a balance of $900,000,the Allowance for Uncollectible Accounts has a debit balance of $1,000 and net credit sales for the year are $3,000,000.Using the aging method,the balance of Allowance for Uncollectible Accounts is estimated at $30,000.
Required:
1.Prepare the adjusting journal entry at the end of the year.Omit the explanation.
2.Determine the adjusted balances for Accounts Receivable and the Allowance for Uncollectible Accounts at the end of the year.
3.Determine the net realizable value of accounts receivable at the end of the year.

Comprehend the role of psychological and physiological needs in shaping employee motivation and behavior.

Understand the principles of deficit and progression as they relate to motivation according to Maslow.

Identify the basic principles underlying quantitative management and its application to decision-making and problem-solving.

Understand the concept of open and closed systems in organizations and their interaction with the environment.

---

Definitions:

Lifespan

The total number of years that an organism is expected to live under ideal conditions.

Feminist Theory

A range of theoretical approaches that aim to understand gender inequality, the social roles of men and women, and advocate for women's rights.

Old Girl Network

A system of support and networking used by women in professional sectors to gain and provide assistance, advice, and opportunities, similar to the "old boy network."

Diversity

The presence of differences within a given setting, including but not limited to race, ethnicity, gender, age, sexual orientation, and cultural background.