(i) Reconstruct the Lucy Ltd general ledger accounts and journal entries provided in the answer booklet.

please use the template provided above!

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Thanks!

The following information has been extracted from the financial records of Lucy Ltd: + As at: 31 March 2021 31 March 2020 Cash $1 500 $275 Accounts receivable 6 345 5 600 Allowance for DD 320 290 Inventory 7 000 7 240 GST receivable/payable 20 Dr 81 Cr Plant and equipment - at cost 55 025 50 000 Accumulated Depreciation 16 000 13 500 Bank overdraft 900 200 Accounts payable 7492 5 396 Interest expense payable 10 15 Dividends payable 150 70 Income tax payable 200 30 Long-term borrowings 3 000 Share capital 15 000 9 000 Retained earnings 26 818 34 533 For the year ended 31 March 2021: Sales $70 000 Cost of goods sold 48 000 Operating expenses 24 690 Doubtful debts expense 310 Interest expense 165 Depreciation expense 3 200 Loss on sale of plant and equipment 500 Tax expense 400 Additional information: 1. Lucy Ltd uses the indirect method for reporting cash flows from operating activities. 2. The entity classifies dividends paid and interest paid as cash flows from financing activities. 3. An item of equipment was sold for $2,000 cash. Question 1 + Accounts receivable GST GST inclusive GST exclusive GST inclusive ** *The journal entry would have been: **The journal entry would have been: Allowance for DD GST payable/receivable Inventory Plant and Equipment # AD GST payable/receivable Inventory Plant and Equipment AD # The journal entry would have been: Accounts payable GST GST exclusive GST inclusive GST inclusive *The journal entry would have been: Interest expense payable Dividends payable Income tax payable LTB Share capital Retained earnings