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Prepare general journal entry to record for magpies football

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Reference no: EM132518391

Point 1: In 2016, a major sponsor refused to pay his promised sponsorship of the club because he was not happy with their playing performance. The Magpies Football Club wrote-off the $10,000 owing as a bad debt using the allowance method.

Point 2: Prior to the write off of bad debts above, the Magpies Football Club had accounts receivable of $90,000 and an allowance for doubtful debts of $8,000Cr. After examining the balance of accounts receivable, it was decided to increase the allowance for doubtful debts to 2% of adjusted accounts receivable

Required:

Question 1: Prepare the general journal entries to record the above. Narrations are not required.

Reference no: EM132518391

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