AutoSave WUCB104_A1_GiaHanHuynh_6691304 - Saved - Search Gia Huynh GH 7 0 X File Home Insert Design Layout References Mailings Review View Help Share Comments X Calibri (Body) 12 AA Aar to EL 1 AaBbCcDc AaBbCcDc AaBbci AaBbccc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Find Sc Replace Select Paste BI U 2 X, X? ADA IE Title Dictate Sensitivity Editor Clipboard F Font Paragraph Styles Editing Voice Sensitivity Editor QUESTION 2 Task 1 A balance sheet extract of Keiko Paper Products reported as at 30 June, 2019; Accounts Receivable $549 000 Provision for Doubtful Debts (12 500) Required: a. Assuming an Accounts Receivable balance of $596 000 as at 30 June, 2020 and net credit sales for the period of $1 920 000 prepare the general journal entries for the following; i. Estimated Bad Debts expense of 2.0% for the year ending 30 June, 2020 based on the percentage of net credit sales method. ii. Bad debts written off period ending 30 June, 2020 $23 600. iii. Bad Debts expense using the following Schedule for the Ageing of Accounts Receivable method; (all workings must be shown) Balance % estimated $ estimated Uncollectable Uncollectable Accounts not yet due $285 600 1/2 $142 800 Page 5 of 8 1366 words Focus 100% Type here to search ? ENG 9:00 PM 7/21/2020 AutoSave WUCB104_A1_GiaHanHuynh_6691304 - Saved - Search Gia Huynh GH 7 0 X File Home Insert Design Layout References Mailings Review View Help Share Comments X Calibri (Body) 12 AA Aar As E ALT AaBbCcDc AaBbCcDc AaBbc Aabbccc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Find Sc Replace Select Paste BI U 2 X, X? ADA Title Dictate Sensitivity Editor Clipboard F Font Editing Voice Sensitivity Editor Paragraph Styles Accounts Receivable method; (all workings must be shown) Balance % estimated $ estimated Uncollectable Uncollectable Accounts not yet due $285 600 1/2 $142 800 Accounts overdue: 10 - 30 days 172 000 2 $3 440 31-60 days 68 400 10 $6 840 61 - 120 days 38 500 20 $7 700 121 days & over 31 500 40 $12 600 $596 000 $173 380 b. Calculate the balance of the Allowance for Doubtful Debts account under both the net credit sales and the ageing of accounts receivable methods. a. GENERAL JOURNAL OF KEIKO PAPER PRODUCTS Date Particulars 30/6/2020 Bad Debts expense Debit Credit Page 5 of 8 1366 words Focus 100% Type here to search | 0 ? ENG 9:00 PM 7/21/2020 AutoSave WUCB104_A1_GiaHanHuynh_6691304 - Saved - Search Gia Huynh GH 7 0 X File Home Insert Design Layout References Mailings Review View Help Share Comments X Calibri (Body) 12 AA Aar to E ALT AaBbCcDc AaBbCcDc AaBbc Aabbccc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Title Find Sc Replace Select Paste BI U 2 X, X? ADA 19 Dictate Sensitivity Editor Clipboard F Font Paragraph Styles Editing Voice Sensitivity Editor b. Provision for doubtful debts (net credit method) Amount Particulars $ Date Particulars Amount $ Date Provision for doubtful debts (ageing method) Amount Particulars $ Date Particulars Amount $ Date Page 6 of 8 1366 words Focus 100% 1 Type here to search ? ENG E 9:00 PM 7/21/2020