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At 30 November 2020 , the trial balance of WAJA Ltd contained the following amounts before adjustment:
Accounts Receivable 400,000
Allowance for Doubtful Debts 5,200
Sales 950,000
Required:
Problem a) Prepare the adjusting entry as at 30 November, 2020 to record the bad debts expense assuming that the ageing schedule indicates that 3.5% of accounts receivable will be uncollectible.
Problem b) During December 2020, a $3000 customer balance is deemed uncollectible. Prepare the journal entry to record this bad debt write off.
Problem c) Repeat b) assuming that the direct write off method is used in WAJA Ltd
Problem d) During January 2021, the customer in b) informs WAJA, that they in fact will be able to pay their debt.
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