Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2015 reveal the following. Ignore GST. Credit sales (for year) Credit sales returns and allowances (for year) Accounts receivable (balance 30 June 2015) Allowance for doubtful debts (credit balance 30 June 2015) $877,000 74,000 267,500 1,000 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 Accounts not yet due Accounts overdue: 10-30 days 31-60 days 61-120 days 121 days and over % estimated uncollectable 1/2 2 10 $144,000 50,000 36,100 20,800 16,600 $267,500 25 40 Prepare the journal entries to adjust the allowance for doubtful debts at 30 June 2015 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 manually. Round answers to 0 decimal places, e.g. 5,275.) Great Outdoors Ltd General journal (extract) Net credit sales method Debit Credit Date Particulars 2015 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 2015 June 30 (Allowance made on ageing of accounts receivable)