Week 8 On 1 Junie, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST. Accounts Receivables 1/6 Balance 849,555 Allowance for Doubtful Debts 1/6 Balance 12.100 During June, the following transactions occurred: 1 Revenue earned on credit, 51,195,000. 2. Sales returns, $24,100. 3. Accounts receivable collected, $1,400,000 4. Accounts written off as uncollectable, $15,851. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST Required: (a) Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account. (5 marks) (b) Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June (3 marks) (c) On 29 June, Kime Ltd, whose 52,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection (2 marks) Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded. a) Purchased inventories on credit (2 marks) b) Sales of inventory on credit (2 marks) c) Received payment of a customer's account (2 marks) d) Payment of monthly rent by cheque (2 marks) e) End of period closing entries (2 marks)