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| At 31 July 20X1，Matt’s business had a total receivables balance of $33,200. During the year ended 31 July 20X2, he had to write off one debt of $1,250 (the customer went into liquidation) and one debt of $565 (this debt was over six months old). Matt decides to set up a general allowance of 1% of total receivables to guard against bad debts in future. What was Matt's closing receivables balance in the statement of financial position and what was his receivables expense in the income statement for the year ended 31 July 20X2? Receivables balance (SOFP) Receivables expense (I/S) A. $31,385 $2,129 B. $31,071 $2,129 C. $31,385 $1,185 D. $31,071 $1,185 |