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) $792,000 Credit sales returns and allowances (for year) 67,000 Accounts receivable (balance 30 June 2019) 241,500 Allowance for doubtful debts (credit balance 30 June 2019) 1,000 Online Assignment Part B Question 1 Question 2 Question 3 Zl Question 4 Question 5 Question 6 Zl Question 7 2 Question 8 2 Question 2 Question 10 Question 11 Question 12 Question 13 Question 14 Question 15 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: % estimated Balance uncollectable Accounts not yet due $129,900 1/2 Accounts overdue: 10-30 days 45,100 2 31-60 days 32,600 10 61-120 days 18,800 121 days and over 15,100 $241,500 Review Score Review Results by Study Objective 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 manually. Round answers to o decimal places, e.g. 5,275.) Great Outdoors Ltd General journal (extract) Net credit sales method Date Particulars Debit Credit 2019 June 30 (Allowance made on 2% of net credit sales) Great Outdoors Ltd General journal (extract) Ageing of accounts receivable method Debit Date Particulars Credit 2019 June 30 (Allowance made on ageing of accounts receivable) Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 1 used SAVE FOR LATER SAVE FOR LATER SUBMIT ANSWER SUBMIT