Question 1: Jaafar Trading Sdn Bhd (JTSB) has has the following ageing schedule as at 31 December 2018 60-90 days Over 91 days Account Receivables Aging Schedule Name Total 1 - 30 days 31-60 days (RM) Total Account 92,500 31,000 34,000 Receivable Estimated 2% 3% uncollectible 21,500 6,000 4% 5% Required: a) What is bad debt? (2 marks) b) Explain 2 reasons why company should allocate some amount for bad debts/uncollectible? (2 marks) c) Calculate the total estimated bad debts for 2018 (3 marks) d) Show the accounting treatment for bad debt: i) Journalize the adjusting entry for bad debts on 31 December 2018 by assuming the unadjusted balance for Allowance for Doubtful Debt Account is credit RM1,800 (3 marks) ii) Prepare the Allowance for Doubtful Debt Account (3 marks) 111) Prepare the extract of Statement of Financial Position as at 31 December 2018 to show the Accounts Receivables and Allowance for Doubtful Debt Account (3 marks) e) Show the accounting treatment for bad debt: i) Journalize the adjusting entry for bad debts on 31 December 2018 by assuming the unadjusted balance for Allowance for Doubtful Debt Account is debit RM1.800 (3 marks) ii) Prepare the Allowance for Doubtful Debt Account (3marks) iii) Prepare the extract of Statement of Financial Position as at 31 December 2018 to show the Accounts Receivables and Allowance for Doubtful Debt Account