Here is all the information just need some help on the income statement and financial position statement

Part Workings: Date Particulars Debit Credit QUESTION 1 12 marks 4 15-Jul a Allowance for bad debts 1,100 5 15-Jul Accounts receivable 1,100 Kookaburra Ltd provides selected accounting records as at 31 December 2020 as shown below. The company is registered for Goods and Services Tax (GST) and the amounts given below includes GST. b 1-Dec Accounts receivable 583 Age 8 Balance ($) Estimated Uncollectable %) Allowance Sales for the year ......................................... Sales returns and allowances Allowance for doubtful debts (credit) * 157,800 35,700 2,550 9 1-Dec-20 allowance for bad debts 583 Current 295,000 1% 2950 10 30-60 days overdue 85,000 3% 2550 11 61-90 days overdue 32,500 10% 3250 As per the company's policy, only 75% of sales are conducted on a credit basis and no cash discounts are given. 12 91-120 days overdue 25,400 20% 5080 30% 13 14 121-Over TOTAL 12,100 450.00 3630 17460 On 15 July 2020, it was identified receivables totalling $1,100 were deemed uncollectible and should be written off as bad. 15 31-Dec-20 bad debts expemnse 14,190 31-Dec-20 allowance fro bad debts 14,190 Allowance for bad debts = requirede allowance for bad debts-recorded allowance for bad debts dec 2020 In the past, Kookaburra Ltd estimated its doubtful debts expense at 2.5% of net credit sales. The company's management reviewed the business' credit policy and have decided to adopt the ageing of accounts receivable method and have represented the following analysis: 16 17 18 d 19 Kookaburra Ltd Age Balance ($) Estimated Uncollectable (%. Income Statement 20 21 For the year ended 31 December 2020 (extract) 22 Current 30-60 days overdue 61-90 days overdue 91-120 days overdue 121-Over TOTAL 295,000 85,000 32,500 25,400 12.100 450,000 3 10 20 30 23 24 25 26 Required: 27 28 Kookaburra Ltd 29 Financial Position Statement a) Prepare the journal entry to write off the uncollectable debt on 15 July 2020. 3 marks b) On 1 December 2020, $583 (GST Inclusive) of the doubtful debts previously written off was recovered. 3 marks 30 31 For the year ended 31 December 2020 (extract) 32 33 34 c) Prepare the journal entries to record the adjustment to the Allowance for doubtful debts at 31 December 2020 under the ageing of accounts receivable method. 3 marks d) Identify the amounts and accounts that would be disclosed in the financial statements if the management had not changed the method and was still using the percentage of net credit sales method at 31 December 2020. 3 marks 35 36 37