Question: Required: 8 Marks A Prepare general journal entries to record the transactions and to adjust the Allowance for Doubtful Debts account Show how accounts receivable

Required: 8 Marks A Prepare general journal entries to record the transactions and to adjust the Allowance for Doubtful Debts account Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June B On June, Canada Ltd had the following balances for Accounts Receivable, $800 000, and Allowance for Doubtful Debts, $13 000 During June, the following transactions occurred: 1. Fees earned on credit, $1 195 000 2. Fees refunded $24 000, 3, Accounts receivable collected, $1400 000. 4. Accounts written off as uncollectable, $15 850. 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 $15 500 on the balance sheet as at 30 June Paragraph - BIE

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