Reference no: EM132728902
Question: On 1st July 2020, Scholastic Ltd had Accounts Receivable of $37,500 and Allowance for Bad Debts of $1,800 Cr. During the month of July, Scholastic incurred the following transactions:
- Sales of $460,000 (20% are on cash and 80% are on credit).
- Collections from customers on account totaled $180,000.
- Bad debt write offs amount to $5,600.
- Bad debts expenses are estimated to be 1.5% of credit sales.
Required: a) Record the above transactions in the general journal for the month of July.
b) If the Allowance for Bad Debts had an opening balance of $2,000 Dr, record the above information to the ledger account to determine the balance of the allowance for doubtful debts at 31st of July.
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