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Make journal entries for each of the above transactions

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Question - Peanut Ltd has an accounts receivable ledger debit balance of $36,520 and an allowance for doubtful debts with a credit balance of $4,380 on 1 January 2019.

On 3 February 2019, they provided services on credit for $1,980 (GST inclusive) to Snow Ltd.

The business received, on 10 March 2019, 40% of $6,160 (GST inclusive) owed by Maple Ltd from sales in the previous period and wrote off the remainder as uncollectable.

Maple Ltd contacted Peanut Ltd on 2 June 2019, to confirm they had made another payment of $880 that was previously thought to be uncollectable.

Snow Ltd declared bankruptcy on 15 June 2019.

On 30 June 2019, Management of Peanut Ltd re-assessed the allowance for doubtful debts at year end and decided on a closing balance of $5,610 (GST exclusive) under the ageing of receivables approach.

Required - Make journal entries for each of the above transactions/events.

Reference no: EM132564678

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