After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $475,000 and Allowance for Doubtful Accounts has a negative balance of $46,800. Describe how Accounts Receivable and Allowance for Doubtful Accounts are reported on the balance sheet

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Current assets:

Accounts receivable : $475,000

Less allowance for doubtful accounts $46,800

Net Accounts receivable $428,200

Net realizable value of the accounts receivable

= 475000 – 46800

= 428,200

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