INSTRUCTION: ANSWER ALL QUESTIONS QUESTION 1 (50 marks) Part A On 31st August 2021, Rossy Enterprise had a RM155,000 debit balance in Accounts Receivable and a RM6,200 credit balance in Allowance for Doubtful debt. During September 2021, Rossy made the following transactions: Sept 1 : Sales on account, RM590,000. Sept 10: Collection from receivables through online banking, RM627,000. Sept 20: Write-offs of uncollectible receivables, RM7,000. Sept 30: Bad debt was estimated at 3% of the month's credit sales. Required: 1) Journalize all September transactions using the allowance method. Post the entries to Accounts Receivable, Allowance for Doubtful Debt, and Bad Debt Expense. You need to balance off the ledgers and show their balances on 30th September 2021. (16 marks) 2) Show the amount of net accounts receivable would Rossy report in its statement of financial position as at 30 September 2021. Is the amount being realistic? Give your reason