Reference no: EM132810309
Question
The March 31, 2019 balance sheet of The Kalakaua Corporation had Accounts
Receivable of $460,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During the year ended March 31, 2020, the following transactions occurred: sales on account $1,250,000; sales returns and allowances, $72,000; collections from customers, $1,130,000; accounts written off $29,000; previously written off accounts of $4,000 were collected.
a)Assume that it is company policy to use the aging of receivables basis to estimate bad debt expense. It determines that uncollectible accounts are expected to be $31,400.
What is the adjusting entry at March 31, 2020? Assume the March 31, 2020 balance of Accounts Receivable is $495,000 and Allowance for Doubtful Accounts has an existing balance of $4,000 (dr).
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