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Prepare general journal entries to record the transactions

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Question

On 1 June, Lydell Consulting Ltd had Accounts Receivable and Allowance for Doubtful Debts accounts as set out below.

Ignore GST.

·Accounts receivable: $754,000 (debit balance)

·Allowance for doubtful debts: $9,000 (credit balance)

During June, the following transactions occurred:

1.fees earned on credit, $800,000

2.fees refunded, $15,000

3.accounts receivable collected, $585,000

4.accounts written off as uncollectable, $7,500

5.Based on an ageing of accounts receivable on 30 June, the company decided that the Allowance for Doubtful Debts account should have a credit balance of $10,000 on the balance sheet as at 30 June.

Prepare general journal entries to record the four transactions above and to adjust the Allowance for Doubtful Debts account.

Reference no: EM132367843

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