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Question
The total account receivables of Michelle's Laundry Services have a balance of $300,000 at the end of 30 June 2015. The company uses the allowance method to record bad debts expense. The accountant prepares an ageing analysis of accounts receivable balance as at 30th June 2015 as below.
On 30th June 2015 the credit balance of Allowance for doubtful debts account is $3,000 before any adjustments. (Ignore GST) AGE Account Receivable BALANCE Estimated Uncollectable (%) Estimated Bad Debts Not yet due 200,000 1% Overdue by 1 month 70,000 3% Overdue more than 2 months 30,000 10% Total $ 300,000
Required:
a) Prepare the adjusting journal entry to record bad debts expense for the year ended 30 June (ignore notation).
b) One month later, at 31 July 2015, the manager decided to write off $500 of accounts receivable that were doubtful. Prepare journal entry (ignore notation)
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