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(B) Jellico Limited reported an Accounts Receivable balance of $132,000 as at 1 April 2018. Allowance for Uncollectible Accounts had a credit balance of $15.840
(B) Jellico Limited reported an Accounts Receivable balance of $132,000 as at 1 April 2018. Allowance for Uncollectible Accounts had a credit balance of $15.840 as at 1 April 2018. For the year ended 31 March 2019, the company earned service revenue on account totaled S624,000, and reported cash collections on account totaled S528,000. In addition, the company wrote off uncollectible accounts receivable of $8,600 on 31 March 2019. The required credit balance in Allowance for Uncollectible Accounts as at 31 March 2019 was estimated to be S26,328. Required: (a) () (ii) Calculate the balance of accounts receivable as at 31 March 2019. Calculate the amount of uncollectible account expense for the year ended 31 March 2019. (4 marks) (b) Prepare journal entries to record: (i) the write-off the uncollectible accounts receivable on 31 March 2019. (ii) the uncollectible account expense for the year ended 31 March 2019. Narration is NOT required. (4 marks) (c) Show how Jellico Limited would report accounts receivable on its statement of financial position as at 31 March 2019. (2 marks)
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