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On 1 July 2020 Olympic had an accounts receivable ledger balance of $75,000 debit and a credit balance in the allowance for doubtful debts ledger account of $15,000. On 3 July Olympic's was contacted by John and Mark Pty Ltd to notify that the business had been declared bankrupt and that they would not be able to pay the $5,500 owing to Olympic's Hardware from a previous credit sale made to them in June 2020. The business received notification from Johnson Pty Ltd on 25 July 2020 that, $1,100 (GST inclusive) that had previously been written off as uncollectible in May 2020 would be paid in full in August 2020.On 31 July 2020 Management reassessed the allowance for doubtful debts at year end and decided on a closing balance of $12,200 (GST exclusive) under the ageing of receivables approach.
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