PART B TO BE DONE ASAP... I NEED IT TODAYYY

End of Chapter Problem 12.11 Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2019 reveal the following. Ignore GST. Credit sales (for year) $1,220,000 Credit sales returns and allowances (for year) 103,000 Accounts receivable (balance 30 June 2019) 372,000 Allowance for doubtful debts (credit balance 30 June 2019) 1,500 In the past, the company's yearly bad debts expense had been estimated at 2% 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: Accounts not yet due $200,200 1/2 Accounts overdue: 1030 days 69,500 2 3160 days 50,200 10 61-120 days 29,000 25 121 days and over 23,100 40 $372,000 V A. Prepare the journal entries to adjust the allowance for doubtful debts at 30 June 2019 under: 1. the net credit sales method 2. the ageing of accounts receivable method. V A. Your answer has been saved and sent for grading. See Gradebook for score details. Prepare the journal entries to adjust the allowance for doubtful debts at 30 June 2019 under: 1. the net credit sales method 2. the ageing of accounts receivable method. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Great Outdoors Ltd General journal (extract) Net credit sales method Date Particulars Debit 2019 7 June 30 l Bad debts expense N 20840 ' l Allowance for doubtful debts H 20840' (Allowanoe made on 2% of net credit sales) Great Outdoors Ltd General journal (extract) Ageing of accounts receivable method Date Particulars Debit Credit Junzeog i Bad debts expense cl l 22401 l Allowancerfor doubtful debts l ' 22401 (Allowanoe made an ageing of aooounts receivable) Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 1 used VB. Determine the balance in the allowance for doubtful debts account under both methods. (Post entries in the order displayed in the problem statement. Leave blank any fields following your answers that do not require an entry. For example, if there are two rows for entries, and only one entry is required, enter your answer in the first row and leave the second row blank.) Allowance for doubtful debts (Net credit sales method) 2019 2019 Allowance for doubtful debts (Ageing of accounts receivable method) 2019 2019 4 Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 1 used