BHMH2101 2022-23S1 Assignment 2 Required: (a) Prepare the general journal entries to record these transactions. (10 marks) (b) If the balance of the Allowance for Impairment account was $8,000(Cr) on January 1 of the current year, determine the balance of the allowance for uncollectible accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for impairment accounts during the year. Show your workings. (6 marks) Question 2 (33 marks) Danny Company has inventory of $14,000 at 30 November 2022 and is engaged in the following transactions during December 2022. Part I ( 15 marks) - Assuming periodic inventory system is used Required: (a) Prepare the journal entries for the above transactions in December 2022. (10 marks) (b) Prepare two closing entries at 31 December 2022 to create the Cost of Goods Sold account and update the Inventory account if a physical inventory taken as at 31 December 2022 indicates goods costing $110,000 remains in stock. (5 marks) Part II ( 18 marks) - Assuming perpetual inventory system is used Required: (a) Prepare the journal entries for the above transactions in December 2022. (14 marks) (b) Prepare the adjusting entry if a physical inventory taken as at 31 December 2022 indicates goods costing $107,000 remains in stock. (4 marks)