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:
Sacrum
A triangular bone at the base of the spine, formed by the fusion of several vertebrae, and situated between the two hip bones.
Thoracic Region
The part of the body that is located between the neck and the abdomen, housing the heart and lungs among other vital organs.
True Ribs
The first seven pairs of ribs, which are directly attached to the sternum via costal cartilages.
Vertebral Curves
The natural curvatures in the spine that help absorb shock and maintain balance in the human body.
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