12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ's management has estimated that $17,000 in accounts receivable would be uncollectible.

12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ's management has estimated that $17,000 in accounts receivable would be uncollectible.

For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts:

Bad debt expense: Allowance for doubtful accounts:

For the end of 2020, what is the company's net realizable value?

Bad debt expense  = $17000

Allowance for doubtful accounts = $17000

Company's net realizable value of accounts receivable at end of 2020 is

= $383,000

Step-by-step explanation:

From the information given :

Accounts written off in 2020 = $10,000

Accounts receivable expected to be uncollectible = $17,000

The Bad debt expense and Allowance for doubtful accounts can be computed as follows:

12/31/2020

Adjustment entry :

                                                           Debit                              Credit

Bad debt expense                             $17000

Allowance for doubtful accounts                                             $17000

Company's net realizable value of accounts receivable at end of 2020 = Closing accounts receivables - Allowance for Doubtful accounts =

Company's net realizable value of accounts receivable at end of 2020 is:

= $400,000 - $17,000

= $383,000

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step-by-step explanation:

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step-by-step explanation: