QUESTION B4 (12 marks) On 30 June 2019, the closing balance of the Allowance for Doubtful Debts for Munchies Ltd was $1 500. The following transactions relate to the year ended 30 June 2020. 1 April 2020 After trying to contact customer Albert Lincoln many times the accountant for Munchies Ltd decided to write off, Albert Lincoln's account balance of $750 as a bad debt. 15 May 2020 Albert Lincoln unexpectedly paid $250 of the previous debt that was written off by the accountant as a bad debt. 30 June 2020 Munchies Ltd uses the accounts receivable ageing method to calculate the amount it want to set its allowance for doubtful debts to be. This is the information regarding the accounts receivable for the year ended 30 June. Age of Debt Balance % estimated uncollectable Accounts not due 172 500 Accounts overdue: 60 000 2 10-30 days 31-60 days 45 000 10 61-120 days 24 500 25 121 days and over 20 000 40 TOTAL 322 000 Required: Prepare general journal entries (narrations not required) to record the 3 transactions for the year ended 30 June 2020 as shown above. Assume that Munchies Ltd is not registered for GST.