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Prepare general journal entries to record the collection

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Question - On 1 June, McLean, Roberts and Associates had Accounts Receivable and Allowance for Doubtful Debts accounts as set out below. Ignore GST. Accounts Receivable 1/6 Balance 847 000 Allowance for Doubtful Debts 1/6 Balance 12 250 During June, the following transactions occurred. 1. Fees earned on credit, $1 200 000. 2. Fees refunded, $25 000. 3. Accounts receivable collected, $1 450 000. 4. Accounts written off as uncollectable, $14 740. Based on an ageing of accounts receivable on 30 June, the firm decided that the Allowance for Doubtful Debts account should have a credit balance of $13 000 on the balance sheet as at 30 June.

Required -

(a) Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account.

(b) Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June.

(c) On 29 July, Blundell Ltd, whose $1870 account had been written off as uncollectable in June, paid its account in full. Prepare general journal entries to record the collection.

Reference no: EM132937195

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