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Percentage of net credit sales approach assuming bad debts are provided for as 2% of net credit sales. (ii) Ageing of accounts receivable method using the data above.

- November 14, 2022 - Edwin Tunner

Credit sales (for year)  $965,000
Credit sales returns and allowances (for year)  82,000
Accounts receivable (30 June 2020)  302,560
Allowance for doubtful debts (30 June 2020)  1,200 CR

                                      Balance
                                                                        % estimated uncollectable
Accounts not yet due         $ 96,450                                 1%

Accounts overdue:
10-30 days                          $ 31,230                                 5%

31-60 days                          $ 22,760                                 10%

61-120 days                        $ 16,540                                  30%

121 days and over               $ 9,372                                    60%

Total                                     $ 176,352

 

Using the data in the tables above, present the general journal adjusting entries to provide for bad debts expense for the year ended 30 June 2020 under each of the two allowance methods:

(i) Percentage of net credit sales approach assuming bad debts are provided for as 2% of net credit sales.

(ii) Ageing of accounts receivable method using the data above.

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