Hotel California Ltd Trial Balance at 30 September 20X7 included: Debit $ Credit $ Receivables ledger control account Allowance for doubtful debts brought forward The following information is also available: (1) No entries have been made in respect of cash of $1,320 received from Marylyn Ltd whose balance had been written off last year, and 90,350 2,490 2) At 30 September 20X7 an irrecoverable balance of $1,950 is to be written off and the receivable allowance is to be adjusted to 1.5% of the remaining balance Required: Calculate the figure that will be reported in the statement of financial position at 30 September 20X7 for receivables.

Hotel California Ltd Trial Balance at 30 September 20X7 included: Debit $ Credit $ Receivables ledger control account Allowance for doubtful debts brought forward The following information is also available: (1) No entries have been made in respect of cash of $1,320 received from Marylyn Ltd whose balance had been written off last year, and 90,350 2,490 2) At 30 September 20X7 an irrecoverable balance of $1,950 is to be written off and the receivable allowance is to be adjusted to 1.5% of the remaining balance Required: Calculate the figure that will be reported in the statement of financial position at 30 September 20X7 for receivables.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On 31 Dec, Blue Ocean Pte Ltd's unadjusted trial balance includes the following items: Accounts Receivables Allowance For Doubtful Accounts $210,000 debit $2,500 credit There was objective evidence that 15% of a $20,000 debt owed by a debtor, Red Sea Logistics, would most probably be uncollectible. An aging analysis of the rest of the accounts receivables indicated that an estimated 5% of these accounts would not be collectible. The company uses the allowance method to value its accounts receivable. Present the adjusting entry to record Bad Debt Expenses. Show narration and workings. Explain why using the allowance method is better than the direct write-off method.
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