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QUESTION 3 Doubtful debts GST version On 1 June, Samuels & Co Advisors had balances in the Accounts Receivable and Allowance for Doubtful Debts accounts as set out below. Note transactions are GST Inclusive. Accounts Receivable $1,211,210 1/6 Balance b/d Allowance for Doubtful Debts 1/6 Balance bid $15.925 The following transactions occurred during the month of June: 1. Fees earned on credit, $1,716,000. 2. Fees refunded, $35,750. 3. Accounts receivable collected, $2,073,500. 4. Accounts written off as uncollectable, $21,078. Based on an ageing of accounts receivable on 30 June, the firm decided that the Allowance for Doubtful Debts account should have a credit balance of $16,900 on the Statement of Financial Position as at 30 June. Required: a. Prepare general journal entries to record the four transactions above for the month of June and to adjust the Allowance for Doubtful Debts account to the required level. b. Show how accounts receivable and the allowance for doubtful debts would appear on the Statement of Financial Position at 30 June. c. On 29 July, J. Hoskins, whose $2,673 account had been written off as uncollectable back in April, paid their account in full. Prepare general journal entries to record the collection. Instructions: Please include commas in your amounts to separate thousands in your amounts (do not include spaces or dollar signs). Round amounts to whole numbers (nearest dollar). Copy and paste the relevant account name from Table 1 below when completing parts (a) to (c) of this question below (NOTE: you may not need to use all of these account names in your answers below...): Table 1- Account names: Fees Income Bad Debts Expense GST Payable GST Receivable Cash at Bank Allowance for Doubtful Debts Bad Debts Recovered 156,000 1,560,000 (a) Accounts Receivable GST Receivable Fees Income 1,716,000 (a) Accounts Receivable 1,716,000 GST Receivable 156,000 Fees Income 1,560,000 (To record Fee Income earned during the month of June) Fees Income 32,500 3,250 GST Payable Accounts Receivable 35,750 (To record fees refunded during June) Cash at Bank 2,073,500 Accounts Receivable 2,073,500 (Cash collected from debtors during June) Allowance for Doubtful D 19,161.82 GST Payable 1,916.18 Accounts Receivable 21,078 (Account receivable written off as uncollectible at 30 June) Bad Debts Expense 22,053 Allowance for Doubtful D 22,053 (Increase Allowance for Doubtful Debts to $16 900) (b) Samuels & Co Advisors Statement of Financial Position as at 30 June (extract) Accounts receivable Less: Allowance for doubtful debts (note: include minus amount in brackets) "Workings: Accounts Receivable = Opening Balance $1,211,210 + Fee Income - Returns - Cash Collected - Debts Written Off = Closing Balance (reported in Statement of Financial Position) 796,882 (16,900) 779,982 (c) July 29 Accounts Receivable - J. Hoskins 2,673 GST Receivable 243 Allowance for 2,430 Doubtful Debts/Bad Debts Recovered (Reinstate amount owing by J. Hoskins previously written off as bad) Cash at Bank 2,673 Accounts Receivable 2,673 (J. Hoskins paid account in full) QUESTION 3 Doubtful debts GST version On 1 June, Samuels & Co Advisors had balances in the Accounts Receivable and Allowance for Doubtful Debts accounts as set out below. Note transactions are GST Inclusive. Accounts Receivable $1,211,210 1/6 Balance b/d Allowance for Doubtful Debts 1/6 Balance bid $15.925 The following transactions occurred during the month of June: 1. Fees earned on credit, $1,716,000. 2. Fees refunded, $35,750. 3. Accounts receivable collected, $2,073,500. 4. Accounts written off as uncollectable, $21,078. Based on an ageing of accounts receivable on 30 June, the firm decided that the Allowance for Doubtful Debts account should have a credit balance of $16,900 on the Statement of Financial Position as at 30 June. Required: a. Prepare general journal entries to record the four transactions above for the month of June and to adjust the Allowance for Doubtful Debts account to the required level. b. Show how accounts receivable and the allowance for doubtful debts would appear on the Statement of Financial Position at 30 June. c. On 29 July, J. Hoskins, whose $2,673 account had been written off as uncollectable back in April, paid their account in full. Prepare general journal entries to record the collection. Instructions: Please include commas in your amounts to separate thousands in your amounts (do not include spaces or dollar signs). Round amounts to whole numbers (nearest dollar). Copy and paste the relevant account name from Table 1 below when completing parts (a) to (c) of this question below (NOTE: you may not need to use all of these account names in your answers below...): Table 1- Account names: Fees Income Bad Debts Expense GST Payable GST Receivable Cash at Bank Allowance for Doubtful Debts Bad Debts Recovered 156,000 1,560,000 (a) Accounts Receivable GST Receivable Fees Income 1,716,000 (a) Accounts Receivable 1,716,000 GST Receivable 156,000 Fees Income 1,560,000 (To record Fee Income earned during the month of June) Fees Income 32,500 3,250 GST Payable Accounts Receivable 35,750 (To record fees refunded during June) Cash at Bank 2,073,500 Accounts Receivable 2,073,500 (Cash collected from debtors during June) Allowance for Doubtful D 19,161.82 GST Payable 1,916.18 Accounts Receivable 21,078 (Account receivable written off as uncollectible at 30 June) Bad Debts Expense 22,053 Allowance for Doubtful D 22,053 (Increase Allowance for Doubtful Debts to $16 900) (b) Samuels & Co Advisors Statement of Financial Position as at 30 June (extract) Accounts receivable Less: Allowance for doubtful debts (note: include minus amount in brackets) "Workings: Accounts Receivable = Opening Balance $1,211,210 + Fee Income - Returns - Cash Collected - Debts Written Off = Closing Balance (reported in Statement of Financial Position) 796,882 (16,900) 779,982 (c) July 29 Accounts Receivable - J. Hoskins 2,673 GST Receivable 243 Allowance for 2,430 Doubtful Debts/Bad Debts Recovered (Reinstate amount owing by J. Hoskins previously written off as bad) Cash at Bank 2,673 Accounts Receivable 2,673 (J. Hoskins paid account in full)