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Notes Receivables
Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¾ of 1% of the net sales of $7,500,000 for the year, determine the following:a. Bad debt exb. Balance in the allowance account after the adjustment of December 31.pense for the year.c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
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