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Question 6 On 30 June, the end of its financial year, Aarav Ltd completed an age analysis of its accounts receivable and determined that an allowance for doubtful debts of $12 320 was needed in order to report accounts receivable at their estimated collectable amount in the Balance Sheet. Required (a) Prepare the general journal entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $1940 credit balance (narration not required). (b) Prepare an entry to write off an account receivable from V. Vijay for $781 (narration not required). (C) From the following information, determine the amount of cash received from customers during 2019-20: Accounts receivable (30-Jun-2019) $81 000 Accounts receivable (30-Jun-2020) $76 000 Sales (Credit) $350 000 (d) From the following information, determine the amount of purchases for the year: Beginning inventory $60 000 Ending inventory Cost of sales 90 000 130 000

Question 6 On 30 June, the end of its financial year, Aarav Ltd completed an age analysis of its accounts receivable and determined that an allowance for doubtful debts of $12 320 was needed in order to report accounts receivable at their estimated collectable amount in the Balance Sheet. Required (a) Prepare the general journal entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $1940 credit balance (narration not required). (b) Prepare an entry to write off an account receivable from V. Vijay for $781 (narration not required). (C) From the following information, determine the amount of cash received from customers during 2019-20: Accounts receivable (30-Jun-2019) $81 000 Accounts receivable (30-Jun-2020) $76 000 Sales (Credit) $350 000 (d) From the following information, determine the amount of purchases for the year: Beginning inventory $60 000 Ending inventory Cost of sales 90 000 130 000

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section14.1: Uncollectible Accounts Receivable
Problem 1OYO
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Question 6 On 30 June, the end of its financial year, Aarav Ltd completed an age analysis of its accounts receivable and determined that an allowance for doubtful debts of $12 320 was needed in order to report accounts receivable at their estimated collectable amount in the Balance Sheet. Required (a) Prepare the general journal entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $1940 credit balance (narration not required). (b) Prepare an entry to write off an account receivable from V. Vijay for $781 (narration not required). (C) From the following information, determine the amount of cash received from customers during 2019-20: Accounts receivable (30-Jun-2019) $81 000 Accounts receivable (30-Jun-2020) $76 000 Sales (Credit) $350 000 (d) From the following information, determine the amount of purchases for the year: Beginning inventory $60 000 Ending inventory Cost of sales 90 000 130 000
Transcribed Image Text:Question 6 On 30 June, the end of its financial year, Aarav Ltd completed an age analysis of its accounts receivable and determined that an allowance for doubtful debts of $12 320 was needed in order to report accounts receivable at their estimated collectable amount in the Balance Sheet. Required (a) Prepare the general journal entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $1940 credit balance (narration not required). (b) Prepare an entry to write off an account receivable from V. Vijay for $781 (narration not required). (C) From the following information, determine the amount of cash received from customers during 2019-20: Accounts receivable (30-Jun-2019) $81 000 Accounts receivable (30-Jun-2020) $76 000 Sales (Credit) $350 000 (d) From the following information, determine the amount of purchases for the year: Beginning inventory $60 000 Ending inventory Cost of sales 90 000 130 000
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