Principle of accounting B3

As at 30 June 2019, Sycamore Imports reported the following information on it statement of financial position Accounts receivable: $1,957,500 Less: Allowance for impairment $137,750 During 2019-20, the business had the following transactions related to receivables. 1. Sales on account 4,241,250 2. Sales returns and allowances 126,150 Collections of accounts receivable 3,987,500 Write-offs of accounts receivable deemed uncollectable 137,750 Recovery of impaired receivables previously written off as uncollectable 50,750 Required (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (5 entries x 1 Mark - 5 Marks) (b) Enter the 1 July 2019 balances in Accounts Receivable and Allowance for Impairment. What are the ending balance in Account Receivable and Allowance for Impairment (5 Marks) (c) Prepare the journal entry to record impaired receivables for 2019- 2020, assuming that objective evidence indicates that estimated impaired receivables are $181,250. (5 Marks) Calculate the accounts receivable turnover ratio for the year 2019-20