Business, 22.10.2020 20:01 nathanwhite2000

2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.\

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Answer from: whitneyt2013

1. Dr Bad debt expense16,500

Cr Allowance for uncollectible accounts16,500

2. Bad debt expense$16,500

Allowance for uncollectible accounts=$13,600

3. $122,400

Explanation:

1. Preparation of the Journal entry to Record the adjustment for uncollectible accounts on December 31, 2012.

Dec. 31,2012

Dr Bad debt expense16,500

Cr Allowance for uncollectible accounts 16,500

($136,000 × 10% + $2,900 = $16,500)

2. Calculation to Determine the amount at which bad debt expense and allowance for uncollectible accounts is reported

Bad debt expense is reported in the income statement as :

Bad debt expense$16,500

($136,000 × 10% + $2,900 = $16,500)

Allowance for uncollectible accounts is reported in the balance sheet as:

Using this formula

Allowance for uncollectible accounts=Credit adjustment-Credit balance before adjustment

Let plug in the formula

Allowance for uncollectible accounts= $16,500-$2,900

Allowance for uncollectible accounts=$13,600

3. Calculation for the net realizable value of accounts receivable.

Net realizable value

Accounts Receivable $136,000

Add Allowance for Uncollectible Accounts

$2,900

Less Bad debt expense(16,500)

Net realizable value$122,400

Therefore the Net realizable value is $122,400

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