Save Off 2108AFE Homework Questions(2) Read-Only Saved to this PC Home Insert Draw Design Layout Referen shreya sharma Malin Review View Help Tell me Share 6 10 1 11 Topic 5-Internal Control, Cash and Receivables 13 15 Question 1 (Exercise 12.3 Text) The following transactions relate to the business of Penrith Produce Ltd. Ignore GST. June 30 Oct. 5 Nov. 15 Based on past experience, it was estimated that 1% of the year's net credit sales revenue of $330000 will not be collected, and an allowance for doubtful debts was established. After a concerted effort to collect, an account receivable of $550 from M. McGrath was written off as a bad debt. M. McGrath unexpectedly paid $242 of the amount of his debt written off on 5 October. Required (a) Record the transactions in general journal form. (b) What is the balance in the Allowance for Doubtful Debts accounts and the Bad Debts Recovered account? Where are these accounts shown on the financial statements? Question 2 (Exercise 12.4 text) English (United States) of 2 376 words ENG US 11 0 Type here to search ve Off 2108AFE Topic omework Questions(2) - Read-Only Saved to this PC shreya sharma Home Insert Draw Design Layout References, Mailings Review View Help Tell me ShareC .. 10-1-1) i 12. i 13. i 14- | |15 (Exercise Q.4 text) On 30 June, the end of its financial year, Burnside Consulting completed an age analysis of its accounts receivable and determined that an allowance for doubtful debts of $12,320 was needed in order to report accounts receivable at their estimated collectable amount in the balance sheet. Ignore GST Required (a) Prepare the entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $1940 credit balance. (b) Prepare the entry to record bad debts expense assuming that the Allowance for Doubtful Debts account currently has a $820 debit balance. (c) Prepare the entry to write off an account receivable from G. Smith for $781. (d) Assume that before the entry recorded in requirement C above, the net amount of accounts receivable was $99 000. What is the net amount receivable from accounts receivable after recordi ing the write-off of Smith's account? Explain. -i 2 376 words English (Australia) O Type here to search ENG 3:57 P US 11/04/2 e a Insert Draw Design I Layout Reference Mailings Review View Help Tell me Share 10 11. I12 14.1 15 I ue 3 (Exercise 11.8 text) The following information relates to the cash position of Carl Frasier, loan broker. 1. Cash at Bank account balance as at 30 June 2019: $45 466 debit. 2. Bank statement balance as at 30 June 2019: $47 512 credit. 3. 30 June receipts amounting to $1830 have not been deposited. 4. Cheques iss 5. A $312 cheque was returned marked 'dishonoured. The cheque had been received from ued but not presented total $3468. J. Simms, a new customer. A S750 deposit made by L. Richards was incorrectly credited to the bank account of Carl Frasier. The bank statement shows that the bank has charged the business's account with fees and charges of $30. 6. 7. 8. Items 4, 5, and 6 have not yet been entered in the cash journals. Required (a) Prepare a bank reconciliation at 30 June 2019, assuming that items 4, 5, and 6 are alreadv recorded in cash iournals. E English (Australia) ENG US here to search