List of balances at 31 December 2020 Debits - R Credits - R 660 000 Capital: D Song Drawings Land and buildings at cost 160 000 582 000 Vehicle at cost 224 000 46 000 Accumulated depreciation: Vehicle (1 January 2020) Bank 360 000 Inventories: Consumables 104 000 Trade receivables 261 200 Allowance for credit losses 13 060 320 000 10% Long term loan Trade payables 260 000 Fees earned 1 036 600 Rent expense 160 000 10 708 Telephone Other distribution expenses 454 752 Interest on long term loan 19 000 2 335 660 2 335 660 6. A trade receivable's account of R5 200 must be written off as irrecoverable. The allowance for credit losses must be adjusted to equal 10% of remaining outstanding trade receivables. 1.1 General journal entries for additional information