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Record the following adjustments in the general journal The following is an extract from the books of Nexor Traders. R Trade creditors 18 000 Trade

Record the following adjustments in the general journal The following is an extract from the books of Nexor Traders.

R
Trade creditors 18 000
Trade debtors 15 500
Allowance for credit losses 1 000

Additional information:

  1. A debtor owing R2 500 could not be traced and his account must be written off as irrecoverable.
  2. Allowance for credit losses must be maintained at 10% of outstanding debtors. Please assist me with this homework, Please show workings for my understanding

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