Question
At 31 October 2020, the trial balance of WAIA Ltd contained the following amounts before adjustment: Accounts Receivable 450,000 Allowance for Doubtful Debts Sales Required:
At 31 October 2020, the trial balance of WAIA Ltd contained the following amounts before adjustment: Accounts Receivable 450,000 Allowance for Doubtful Debts Sales Required: 8,750 950,000 al Prepare the adjusting.entry.asat 31 October. 2020 to record the bad debts expense assuming that the ageing schedule indicates that 2% of accounts receivable will be.uncollectible. (7 mark) b) During November 2020, a $1000 customer balance is deemed uncollectible. Prepare the journal entry to record this bad debt write off. (1 mark) During December 2020, the customer in by unexpectedly pays $500 of her debt. (2 marks) (Both account names and figures should be correct in order to award marks) Narrations are NOT required Type your response directly into the text box below. Alternatively, you may draft your response in Excel or Word and upload as an attachment into the Files section underneath)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started