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The following balances appeared among others in the books of ZZ Traders as at 28 February 20x1, the last day of the financial year: Adjustments

image text in transcribed The following balances appeared among others in the books of ZZ Traders as at 28 February 20x1, the last day of the financial year: Adjustments 1. Issac who owes the business R640 has been declared insolvent and his debt must be written off. 2. Adjust the allowance for credit losses to 5% of outstanding debtors. Required Prepare the journal entry for the above adjustments

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