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27/09/2017 Question 1 Print by: Golam Al Maruf Rashik 200973_2017_spr: 200973 (Spring 2017) Techniques in Financial Accounting / Main Assignment * Question 1 Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2015 reveal the following. Ignore GST. Credit sales (for year) $1,327,000 Credit sales returns and allowances (for year) 112,000 Accounts receivable (balance 30 June 2015) 405,000 Allowance for doubtful debts (credit balance 30 June 2015) 2,000 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 Accounts overdue: Balance % estimated uncollectable $217,700 1/2 10-30 days 75,600 2 31-60 days 54,600 10 61-120 days 31,500 25 121 days and over 25,600 40 $405,000 * Question 1 Prepare the journal entries to adjust the allowance for doubtful debts at 30 June 2015 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 Credit 2015 June 30 (Allowance made on 2% of net credit sales) Great Outdoors Ltd General journal (extract) Ageing of accounts receivable method Date Particulars https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni Debit Credit 1/2 27/09/2017 Question 1 2015 June 30 (Allowance made on ageing of accounts receivable) Attempts: 0 of 1 used * Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. * Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. * Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2