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Question - On 1 July 2020, Karl Limited had an accounts receivable balance of $25,000 and an allowance for doubtful debts balance of $4,000.
During the year ended 30 June 2021, credit sales amounted to $82,000 and cash collected from customers was $91,000.
At the end of the financial year, the credit manager decided that accounts totaling $1,500 should be written off as bad debts.
An aging analysis shows that the ending balance of allowance for doubtful debts should still be $4,000.
Prepare the related journal entry for recognizing the bad debt expense.
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