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Please answer asap 15 Marks PART B The following information is available for Tyson Enterprises as at 1 June 2021. Accounts Receivable Account balance Allowance
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15 Marks PART B The following information is available for Tyson Enterprises as at 1 June 2021. Accounts Receivable Account balance Allowance for Doubtful Debts balance $26 417 $5 213 Accounts listed in the Receivables subsidiary ledger C. Chambers $0 F. Fellows $15 033 Jamesin Co Ltd $3 619 R Simons $0 Easy Electrical $2 265 K. Keen $5 500 Accounts Payable Account balance $10 000 Accounts listed in the Payables subsidiary ledger Power Ltd $6 600 Chamberlain Ltd $3 400 H. Harold $0 Transactions for June are listed below (you need to account for GST): June 5 June 7 June 10 June 12 June 15 Sold goods to C. Chambers $3 300 on credit (which included GST $300). Received amount owing by F. Fellows $15 033. Wrote off the account of Jamesin Co Ltd as a bad debt. Paid Power Ltd $6 600. Re-established the account of R. Simons and recorded the collection of $2 360 in full settlement of his account which was previously written off as a bad debt. Received from Easy Electrical 60% of the amount owing and wrote off the balance as a bad debt. Purchased goods from H. Harold for $2 200 on credit (which included GST $200) Adjust the Allowance for Doubtful Debts account balance to be $1 200 June 17 June 20 June 30 You are required to: a. Prepare Journal entries for the transactions for June listed above. 11 Marks b. At June 30, prepare Accounts Receivable Subsidiary Schedule listing accounts and their balances 1 Mark c. At June 30, prepare Accounts Payable Subsidiary Schedule listing accounts and their balances 1 Mark d. What amount would be recorded as Bad Debt Expense in the June Statement of Performance (show calculations) 1 Mark e. At June 30, prepare an extract from the Balance Sheet showing Accounts Receivable balance. (Make sure you account for Allowance for Doubtful Debts) 1 MarkStep by Step Solution
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