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ACC1AIS Homework Exercises X Wiley Australia: Financial Accol X Homework Help - Q&A from Or X + CO Ims.latrobe.edu.au/pluginfile.php/5984332/mod_resource/content/8/ACC1AIS%20Homework%20Exercises%20Week%204.pdf G 6 : Apps AmazonBrowserBar Lenovo Poketalk with Len... Wiley Australia: Fi... VitalSource Accou Financial Accounti... *Chapter-4-CORE-... ProQuest Ebook C... ACC1AIS Homework Exercises Week 4.pdf 1/3 C: ACCIAIS - Workshop 4 Homework Exercises Exercise 1 - Estimating bad and doubtful debts Centenary Ceramics deals in ceramic pots and figurines. All sales are conducted on a credit basis and no cash discounts are given. Ignore GST. The following information was extracted from the accounting records at 30 June 2019. Sales $ 552 000 Sales returns and allowances 37 900 Cash collected 319 120 Debts to be written off 4 022 Required (a) Assume that Centenary Ceramics uses the direct write-off method of accounting for bad debts. i. Show the general journal entry required to write-off the bad debts ii. What amount would be shown for bad debts expense in the income statement at 30 June 2019? iii. What amount would be shown for accounts receivable in the balance sheet at 30 June 2019? (b) Assume that Centenary Ceramics uses the allowance method of accounting for bad debts and the Allowance for Doubtful Debts account had a credit balance of $2645 at 1 July 2018. Also assume that an allowance of 1% of net credit sales is required at 30 June 2019 (ignore GST). i. Show the general journal entries required to write off the bad debts and bring in the required allowance for doubtful debts. + What amount would be shown for bad debts expense in the income statement at 30 June 2019? iii. What amount would be shown for accounts receivable in the balance sheet at 30 June 2019