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QUESTION - Pacific Brand Ltd sells portable barbeques on credit. At 31 December (the financial year end), the general ledger of Provision for Bad Debts account showed a $50 debit balance before adjustment. The subsidiary ledger of the accounts receivable before any adjustment indicated the following:
Name of customers
Invoice date
Amount
Alibaba top
1-Feb
$1,450
Hygiene corp
12-Mar
860
Isacc Bloom
10-Sep
640
31-Dec
1,420
Jacob Bro
15-Jul
2,215
Kaul Store
16-Oct
560
Lawson Grocery
16-Jan
1,190
7-Apr
1,425
8-Nov
250
Others
5-Dec
12,680
$22,690
Pacific Brand maintains 30 days credit terms concerning the sale of the goods on credit. In addition, the policy for its uncollectable accounts receivable is based on the following percentage:
Estimated % uncollectable
Accounts not due
4
Accounts past due
1-30 days
10
31-60 days
30
61-90 days
50
Over 90 days
70
Required (ignore GST and narration and show all workings):
(a) Prepare an ageing schedule of accounts receivable at the end of December.
(b) Compute the estimated uncollectable Accounts receivable.
(c) Prepare the journal entry in general journal form to record the provision of the uncollectable accounts receivable.
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