June 1 Balance in the allowance for doubtful debts account is $2100
June 5 After concerted effort to collect, an accounts receivable of $1125 for susan was written off as bad debt.
June 15 susan unexpectedly paid $875 of the amount of her debt written off
June 30 An appropriate adjusting entry is made to the allowance for doubtful debts. Sales for the year ended 30th June were $800,000, 25% of which are cash. Required :
Record above transactions in general journal and prepare income statement and balance sheet to show the accounts that would exist.
This question was asked on Jul 19, 2016 and answered on Jul 20, 2016 for the course ACCOUNTING 406 at Fiji National University.
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