QUESTION 1 (22 MARKS: 50 MINUTES) The following selected transactions relates to Rose Bhd for the year ended 31 December 2018: The beginning balance of accounts receivable and allowance for doubtful debts were RM3,500,000 and RM35,000 respectively Received 40% cash of RM30,000 owed by GB Enterprise, a bankrupt business and wrote off the reminder of the debts. Wrote off RM7,800 owed by Remy, which was bankrupt. Reinstated TJ Sdn Bhd's account, which had been written-off in the preceding year as collectible. Received cash RM18,500. Sold on account, RM2,560,700 Sales returns and allowances, RM340,200. Collections of accounts receivable, RM2,360,500. Estimated 1% of accounts receivable to be uncollectible debts. 1 Jan 5 May 10 July 20 Oct Jan-Dec Jan-Dec Jan-Dec 31 Dec Required: a) Prepare journal entries for Rose Bhd's transactions in 2018. (8 marks) Determine the ending balance of accounts receivable and allowance for doubtful debts. b) (7 marks) c) Prepare adjusting entry at 31 December 2018. (2 marks) d) Determine the net realizable value of accounts receivable as at 31 December 2018. (1.5 marks) e) Assuming the estimated uncollectible debts is based on 1% of credit sales for 2018, determine the following: i) Bad debt expense ii) Ending balance of allowance for doubtful debts. iii) Expected net realizable value of accounts receivable as at 31 December 2018. (3.5 marks)