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Problem - Accounts Receivable and Bad Debts

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Problem - Accounts Receivable and Bad Debts

All transactions below are related to Australia Ltd's accounts receivable and bad debts for the financial year ended 30 June 2019. Note that Australia Ltd uses an allowance approach.

Jul 20 Wrote off the $722 account of Fiji as uncollectable.

Dec 19 Scotland unexpectedly paid off $1,800 of their debt which had been written off previously.

Mar 28 Received 60 per cent of the $1,030 balance owed by Tonga and wrote off the remainder as uncollectable.

Jun 30 Estimated bad debts for the year to be 2 per cent of net credit sales of $550,000.

Assume that the Accounts Receivable account had a balance of $252,000 at 30 June 2019, and the beginning balance (1 July 2018) in the Allowance for Doubtful Debts account was $15,400.

Required - Ignore GST. Show supporting calculations. Prepare the required journal entries for the above transactions. Narratives are not required.

Reference no: EM132727107

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