End of Chapter Problem 12.11 Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2019 reveal the following. Ignore GST Credit sales (for year) $942,000 Credit sales returns and allowances (for year) 79,000 Accounts receivable (balance 30 June 2019) 287,500 Allowance for doubtful debts (credit balance 30 June 2019) 1,500 In the past, the company's yearly bad debts expense had been estimated at 2% of net credit sales revenue. It was decided to compare the current method with an ageing of the accounts receivable method. The following analysis was obtained with respect to the accounts receivable Balance "estimated uncollectable Accounts not yet due $154,500 1/2 Accounts overdue 10-30 days 53,700 2 31-60 days 38,700 10 61-120 days 22.400 25 121 days and over 16,200 40 $287,500 Prepare the journal entries to adjust the allowance for doubtful debts at 30 June 2019 under: 1. the net credit sales method 2. the ageing of accounts receivable method. (Enter debit entries first, followed by credit entries. Credit account titles are automatically Indented when the amount is entered. Do not Indent manu decimal places, e.g. 5,275.) Great Outdoors Ltd General Journal (extract) Net credit sales method Date Particulars Credit Debit 2019 June 30 (Allowance made on 2% of net credit sales) Great Outdoors Ltd General Journal (extract) Ageing of accounts receivable method Debit Credit Date Particulars 2019 June 30 (Allowance made on ageing of accounts receivable) Click if you would like to Show Work for this question: Open Show Work