please use the answer template for solve question 4

ACC 1101: Assignment: Account Receivable (8 ticks / 24 marks) Multiple Choice questions (1-3) 1 tick for each correct answer. 1. The Bad debt expense account is classified as: A. As part of cost of goods sold. B. As a contra account. C. As a cost to the seller for extending credit and report as operating expense D. Deducted from accounts receivable account on the Statement of Financial Position, Answer: 2. Apperture Equipment Store uses the % of credit sales method to estimate bad debt expense. Net credit sales for the year amount to RM500,000 and management estimates 0.8% will be uncollectible. Allowance for doubtful account before adjustment has a credit balance of RM3,500. The Bad debt expense reported on the Statement of Profit or Loss will be A RM10,000 B. RM7,500 C. RM4,000. D RM500 Answer: 3. Using the aging of accounts receivable method to estimate bad debt expense. Urai Mountain Company estimates RM8,000 of its account receivable will be uncollectible. Before adjustment, the allowance for doubtful account has a debit balance of RM1,800. Bad debt expense to be reported on the Statement of Profit or Loss is: ARM 9,800 B. RM8.000 C. RM6.200 D. RM 1.800 Answer Solve Question 4 (Sticks The following are information about the company's account receivable during the year 2019. Debit RM Credit RM 560,000 Credit sales revenue Account receivable Allowance for doubtful account 120,000 3.400 a. If one of the customers is declared a bankrupt and he owes the company account receivable amounting RM2.700, record the write-off. b. If part of the debt in (e) above is recovered in June 2020. let's say RM1.700, how do you record the recovery and subsequent collection of cash? c. Assume the company uses 0.5% of sales revenue to estimate its bad debt expense for the year d. Assume the company uses 5% of accounts receivable to estimate its bad debt expense for the year Required: (1) Record the journal entries for (a) to (d). Open-up the Accounts Receivable and the Allowance for Doubtful Account and bring down the balances for information (a), (b) and (d). Using information in (a), (b), and (d) above, show how the account receivable is reported on the Statement of Financial Position Question 4 Debit RM Workings Credit RM Statement of Financial Position RM Accounts receivable Allowance for doubtful account Net realisable value Name Matric no