The ledger accounts for Sue Lee's accounts as at 30 June 2017 reveals the following: Allowance...

 

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The ledger accounts for Sue Lee's accounts as at 30 June 2017 reveals the following: Allowance for doubtful debts 1 July 2016 $3,200 Accounts receivable balance 1 July 2016 $68,070 During the year the following transactions occurred: Credit sales $305,800 including GST Receipts from customers $263,200 Bad debts written off $1,600 plus $160 GST Discount allowed $2,640 including GST Required: (a) Record the above transactions as at 30 June 2017 in the general journal i. Further bad debts to be written off amount to $1,870 including GST ii. Allowance for doubtful debts is to be adjusted to 5% of accounts receivable (b) Based on the above complete the general ledger accounts as at 30 June 2017 (c) Complete a Balance Sheet (extract) as at 30 June 2017 The ledger accounts for Sue Lee's accounts as at 30 June 2017 reveals the following: Allowance for doubtful debts 1 July 2016 $3,200 Accounts receivable balance 1 July 2016 $68,070 During the year the following transactions occurred: Credit sales $305,800 including GST Receipts from customers $263,200 Bad debts written off $1,600 plus $160 GST Discount allowed $2,640 including GST Required: (a) Record the above transactions as at 30 June 2017 in the general journal i. Further bad debts to be written off amount to $1,870 including GST ii. Allowance for doubtful debts is to be adjusted to 5% of accounts receivable (b) Based on the above complete the general ledger accounts as at 30 June 2017 (c) Complete a Balance Sheet (extract) as at 30 June 2017

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The ledger accounts for Sue Lees accounts as at 30 June 2017 reveals the ... View the full answer