Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question - All Journals If you determine that adjustments are required, you are to enter these adjustments in June 2021. Additional information: 1. After a
Question - All Journals
If you determine that adjustments are required, you are to enter these adjustments in June 2021. Additional information: 1. After a review of inventory inventory which cost $ 19,500 had a net realisable value of 30% less than cost; 2. There was a flood in one of the warehouses. Inventory costing $12,100 cannot be sold due to the water damage. 3. You have reviewed the Company's loan liabilities and you have found that an amount of $7,450 has been classified as Non-current when it is due for payment in May 2022. 4. On 15 June, MyJones made a sale to Bondi Traders for a total of $5,750 on account. MyJones mark-up on cost is 100%. These goods were returned by Bondi Traders on 29 June 2021, but this transaction has not yet been recorded. 5. The Company's policy with respect to bad debts is that the Allowance for Doubtful Debts should be 22% of the Trade receivables balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started