Part 1 (15 marks) Good Quality Furniture Pty Ltd builds and installs office Furniture offering credit facilities to its customers. The accounting records at 30 June 2021 reveal the following. All amounts shown (except where indicated) Include GST. Credit sales (for year) $ 900 400 Credit sales returns and allowances (for year) 28 100 Accounts receivable (balance 30 June 2021) 302 488 Allowance for doubtful debts (credit balance 30 6 900 June 2021, excluding GST) In the past, the company's yearly bad debts expense had been estimated at 1.5% 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 $115 693 1 Accounts overdue:1030 days 60 390 2 31-60 days 52 140 5 61-120 days 31 790 25 121 days and over 24 475 50 $284 488 Required A. Prepare the journal entries to adjust the Allowance for doubtful debts at 30 June 2021 under: 1. the net credit sales method (5 marks) 2. the ageing of accounts receivable method. (5 marks) B. Determine the balance in the Allowance for doubtful debts account under both methods. (5 marks) (Journal entries should be rounded to the nearest whole number; narrations are required)