Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can anyone help with this please the following

Can anyone help with this please The following are information about...

90.2K

Verified Solution

Question

Accounting

Can anyone help with this please
image
The following are information about the company's account receivable during the year 2019. Debit RM Credit RM 560,000 Credit sales revenue Account receivable Allowance for doubtful account 120,000 3,400 a. If one of the customers is declared a bankrupt and he owes the company account receivable amounting RM2,700, record the write-off. b. If part of the debt in (c) above is recovered in June 2020, let's say RM1,700, how do you record the recovery and subsequent collection of cash? c. Assume the company uses 0.5% of sales revenue to estimate its bad debt expense for the year. d. Assume the company uses 5% of accounts receivable to estimate its bad debt expense for the year. Required: (i) Record the journal entries for (a) to (d). Open-up the Accounts Receivable and the Allowance for Doubtful Account and bring down the balances for information (a), (b) and (d). (iii) Using information in (a), (b), and (d) above, show how the account receivable is reported on the Statement of Financial Position

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students