Reference no: EM132814243
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.
Problem a) What is the balance of Accounts Receivable at March 31, 2020?
Problem b) Suppose that it is the company policy to use the percentage of sales basis to estimate bad debts expense and anticipates 1.5% of net sales to be uncollectible, what is the adjusting entry at March 31, 2020?
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