The March 31, 2019 balance sheet of The Kalakaua Corporation had Accounts Receivable of $460,000 and a credit balance in Allowance for Doubtful Accounts of $33,000.During the year ended March 31, 2020, the following transactions occurred: sales on account $1,250,000; sales returns and allowances, $72,000; collections from customers, $1,130,000; accounts written off $29,000; previously written off accounts of $4,000 were collected.

a)Assume that it is company policy to use the aging of receivables basis to estimate bad debt expense.It determines that uncollectible accounts are expected to be $31,400.What is the adjusting entry at March 31, 2020?Assume the March 31, 2020 balance of Accounts Receivable is $495,000 and Allowance for Doubtful Accounts has an existing balance of $4,000 (dr).(Show calculations)(5 marks)

Date Account Titles and Explanations Debit Credit