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Question 1 - The following information is extracted from the general ledger of Moca Company as at 28 February 2022.
$
Account receivable
48,000
Purchases
372,000
Opening Inventory
57,000
Insurance
21,600
Accumulated depreciation
144,000
Carriage outwards
12,300
Sales
1,260,000
Shop rental
Bank overdraft
3,000
General expenses
127,800
Account payable
30,000
Cash at bank
581,700
Capital
600,000
Salaries
274,800
Discount received
1,200
Equipment at cost
300,000
Transport expenses
31,800
Carriage inwards
67,200
Required -
1. Prepare a trial balance as at 28 February 2022.
2. Identify and explain six types of errors that will not be revealed in the trial balance.
Question 2 - Dasani Company has the following information:
Account receivable as of 28 February 2022 was $720,000.
Allowance for receivable as of 1 March 2021 was $60,000.
The company's policy is to provide a 25% allowance for receivables each year.
Required - Calculate the expense of the irrecoverable debt for the year ended 28 February 2022. Prepare a journal entry to record the irrecoverable debts expenses transaction.
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