A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here:

A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here:

 

Accounts receivable	$	21,800
Less: Allowance for bad debts		(2,300	)	$	19,500

The company's accounting records revealed the following information for the year ended December 31, 2011:

 

Sales (all on account)	$	155,000
Cash collections from customers		141,000
Accounts written off		2,800
Bad debts expense (accrued at 12/31/11)		5,300

Required:

Calculate the net realizable value of accounts receivable at December 31, 2011, and allowance for bad debts for Gibbs Co., as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) (Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)

 

At December 31, 2011:
Accounts receivable	$
Less: Allowance for bad debts		$