At December 31 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-of-receivables method,the balance of Allowance for Uncollectible Accounts is estimated at $30,000.
Required:
1.Journalize the adjusting entry.Omit the explanation.
2.Determine the net realizable value of accounts receivable at the end of the year.
Definitions:
Positive Reactions
Responses that are favorable or beneficial, often characterized by acceptance, happiness, or support.
Emotional Abuse
A form of abuse characterized by a person subjecting or exposing another to behavior that can result in psychological trauma, including anxiety, chronic depression, or post-traumatic stress disorder.
Nurturance
The care or encouragement given towards promoting the growth or development of someone or something.
Emotional Support
Assistance provided by expressing love, care, empathy, and encouragement to help manage stress and improve well-being.
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