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Topic 6 The following is an accounts receivable aging schedule for Caulfield Ltd on 30 June 2019. Customer Bela Total Number of days past due
Topic 6 The following is an accounts receivable aging schedule for Caulfield Ltd on 30 June 2019. Customer Bela Total Number of days past due 1-30 31-60 61-90 Over 90 18,000 11,000 7,000 22,000 22,000 35,000 15,000 12,000 8,000 41,000 41,000 Tom Jason Lee Estimated percentage uncollectable 5 % 10% 25% 50% At 30 June 2019, the unadjusted balance in allowance for doubtful debts is a credit of $8,000. At 31 March 2020, a debtor named Alan declared bankrupt and unable to pay $500 owing to Caulfield Ltd. At 15 May 2020, a cheque for $500 is received from Alan whose account was written-off as uncollectable on 31 March At 30 June 2020, the unadjusted balance in allowance for doubtful debts is a debit of $500 and the ageing schedule indicates that total estimated bad debts will be $25,000. Required: a) Show the general journal entry to record the adjusting entry at balance day 30 June 2019. b) Show the general journal entry record the events and transactions related to Alan in 2020. c) Show the general journal entry to record the adjusting entry at balance day 30 June 2020
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