Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

While accounting for accounts receivable for Blockbuster Ltd, the following information became available to the accountant: At 1 July 2018, the Allowance for Doubtful

 

 

  

While accounting for accounts receivable for Blockbuster Ltd, the following information became available to the accountant: At 1 July 2018, the Allowance for Doubtful Debts account balance was $8,100. To 30 June 2019, debts amounting to $18,216 were written off as bad, and at 30 June 2019, the required allowance for doubtful debts was calculated under the ageing method to be $9,450. To 30 June 2020, debts amounting to $13,959 were written off and at 30 June 2020, the allowance for doubtful debts was calculated under the ageing method to be $10,845. Transactions are GST Inclusive. Required a) Prepare and balance the Allowance for Doubtful Debts account and the Bad Debts Expense account for years ending 30 June 2019 and 30 June 2020. b) Prepare the necessary general journal entries to bring the allowance for doubtful debts to the appropriate amount at 30 June 2019 and 30 June 2020. a) Prepare and balance the Allowance for Doubtful Debts account and the Bad Debts Expense account for years ending 30 June 2019 and 30 June 2020. 201 9 30/6 Accounts ? 2019 30/6 Balance 2 202 Accounts receivable 0 30/6 2020 30/6 Allowance for Doubtful Debts 2018 Balance 2 ? 1/7 ? ? 2019 30/6 ? ? 2019 ? 1/7 2020 30/6 2020 1/7 Bad Debts Expense 2019 ? 30/6 ? Balance 2 ? ? 2020 ? 30/6 ? Balance ? Balance b/d ? ? ? ? ? ? ? ? ? b) Prepare the necessary general journal entries to bring the allowance for doubtful debts to the appropriate amount at 30 June 2019 and 30 June 2020. Narrations are not required. Date 30 June 2022 30 June 2023 Particulars Debit ($) Credit ($)

Step by Step Solution

3.34 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

SOLUTION ANSWERS A B Given Length L 120 Diameter d 1 c... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Statistics Using SPSS

Authors: Herschel Knapp

1st Edition

1506377432, 978-1506377438

More Books

Students also viewed these Finance questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago