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Steve is preparing his accounts for the year to 31 May 2020. On 1 July 2019 he paid $26,244 to rent a store for eighteen
Steve is preparing his accounts for the year to 31 May 2020. On 1 July 2019 he paid $26,244 to rent a store for eighteen months from that date. What adjustment figure should appear on the Income Statement for rent expense for the year ended 31 May 2020? At 1 June 2010, Sachins receivables allowance was $1,573. At 31 May 2011 the balance on his receivables account was $97,541. This includes an irrecoverable debt balance of $3100 and he estimates that his receivables allowance should be adjusted to $2,155. What charge should be included in Sachins Income Statement (expense) for bad debts written off and the allowance for receivables combined
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