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Calculate the bad debt expense

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Reference no: EM132739064

Question - All information below relate to Roche Ltd.'s uncollectable accounts for the financial year ended 30 June 2019.

(i) Accounts Receivable $70,000

(ii) Allowance for doubtful debts (Cr) $4,500

(iii) Credit sales $550,000

(iv) Sales returns and allowances $20,000

(v) Cash Received $510,000

(vi) Accounts written off (F. Roy) $4,120 on 30th June 2019.

(vii) Bad debt expenses is estimated at the rate of 1% of net credit sales.

Required -

(a) Calculate the bad debt expense.

(b) Record journal entries for account written off and bad debt expense.

(c) Show the closing balances of Accounts Receivable and Allowance for Doubtful Debts.

Reference no: EM132739064

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