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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.
Requirements:
Problem 1: Journalise the above transactions for Hamilton during the 2021 financial year.
Financial Statement Analysis and Preparation
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