Question
The following information is taken from the accounts of QRS Ltd. $ Accounts Receivable, 1 January 2022 200,000 Accounts Receivable, 31 December 2022 224,000 Allowance
The following information is taken from the accounts of QRS Ltd.
|
| $ |
| Accounts Receivable, 1 January 2022 | 200,000 |
| Accounts Receivable, 31 December 2022 | 224,000 |
| Allowance for Doubtful Debts, 1 January 2022 | 15,000 |
| Allowance for Doubtful Debts, 31 December 2022 | 20,000 |
| Credit sales for the year ended 31 December 2022 | 240,000 |
| Cash received from customers for credit sales during the year ended 31 December 2022 | 210,000 |
1. Write the summary journal entry that would have recorded bad debt write offs during the year
2. Write the adjusting journal entry that would have recorded bad debts expense for the year
3. What is the estimated collectable value of Accounts Receivable as at 31 December 2022?
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
