At December 31 of the Current Year,Accounts Receivable Has a Balance

question 84

Essay

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.

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Definitions:

Fascia

A band or sheet of connective tissue, primarily collagen, that supports and surrounds muscles, blood vessels, and nerves, binding some structures together while others are allowed to slide smoothly over each other.

Perimysium

The connective tissue that groups muscle fibers into bundles or fascicles within a muscle.

Myasthenia Gravis

An autoimmune disorder characterized by weakness and rapid fatigue of any of the muscles under voluntary control due to a breakdown in communication between nerves and muscles.

Fibromyalgia

A chronic disorder characterized by widespread musculoskeletal pain, fatigue, and tender points.