Question
PLEASE ANSWER QUESTION AS SOON AS POSSIBLE THANK YOU Prepare journal entries to record the following transactions. You are required to show all calculations: 3.1
PLEASE ANSWER QUESTION AS SOON AS POSSIBLE
THANK YOU
Prepare journal entries to record the following transactions. You are required to show all calculations:
3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000.
3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance.
Entry | General ledger | Debit | Credit |
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