The following are selected transactions of ABC Stores: July 12 19 Sold goods on account to XYZ Market for $2400. The cost of the goods sold was $1600 Forwarded a credit note for $100 to XYZ Market covering part of the goods sold on 12 July, which cost $80, that were returned by XYZ Market as inappropriate. The goods returned were not defective. Received from XYZ Market a cheque in full settlement of the above transactions. Purchased goods on account from ViewBank for $1200. Received a credit note for $100 from ViewBank for the returned inappropriate goods Paid ViewBank a cheque in full settlement of the above transactions. 22 25 30 mm ABC Stores, XYZ Market and ViewBank use perpetual inventory system. Ignore GST. Required Record the above transactions in the general journal of Part b (5 marks) The following information relates to the cash position of Cathy Fraser, loan broker: 1.(Cashjat Bank account balance as at 30 June 2019: $45 426 debit. 2. Bank statement balance as at 30 June 2019: $47 512 credit. 3. 30 June receipts amounting to $1 820 have not been deposited. 4. Cheques issued but not presented total $3468. 5. Comparison of the presented cheques with the entries in the cash payments journal disclosed that cheque No. 34 for $5 138 for purchases expense, had been wrongly recorded as $4826 by Cathy Fraser's accountant. 6. A $750 deposit made by L. Richards was incorrectly credited to the bank account of Cathy Fraser Required Prepare a bank reconciliation as at 30 June 2019 based on the above information. Journalize the entry required by the reconciliation. Part c (2 marks) ABC Ltd has accounts receivable of $99 600 at 30 June, 2019. An analysis of the accounts shows these amounts as follows: Month of sale June, 2019 May, 2019 April and March, 2019 Feb and Jan, 2019 Balance of Accounts Receivable $50 000 43 000 6 300 300 99 600 Credit terms are 2/7, n/30. At 30 June, 2019, there is a $2000 credit balance in Allowance for Doubtful Debts before adjustment. The entity uses the ageing of accounts receivable basis for estimating uncollectable accounts. Estimates of bad debts are as follows: Age of accounts Current 1-30 days past due 31-90 days past due over 90 days Estimated percentage uncollectable 2% 5% 30% 55% Required: Determine the total estimated uncollectable Prepare the adjusting entry at 30 June, 2019 to record bad debts expense alla Tal a 1.2