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Journalise the transactions for Hamilton

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Reference no: EM132940617

Question - Hamilton Ltd's balance sheet at 31 December 2020 reported the following:

Accounts receivable: $75000

Less: Allowance for doubtful debts: 2000

The following transactions for Hamilton during the 2021 financial year need to be consider:

a. Total credit sales were $80000; 3% of sales were estimated to be uncollectable. Hamilton received cash payments on account during the financial year of $75000.

b. Write-offs of accounts receivable totalled $2700. These were previously included in Allowance for doubtful debts.

c. 31 December 2021 ageing of receivables indicates that $2 300 of the total receivables is bad.

Requirement - Journalise the above transactions for Hamilton during the 2021 financial year.

Reference no: EM132940617

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