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Record the entries to the general ledger accounts

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Question - Garfield Gifts (Bad and Doubtful Debts)

Assume that at 30 June:

Accounts Receivable balance is $343,630.

Balance of Allowance for Doubtful Debts is $4,200. Bad Debts to be written off are $3,630 including GST

Allowance for Doubtful Debts to be adjusted to 3% of Accounts Receivable.

Required -

1. Prepare General Journal entries to record the Bad Debts and Allowance adjustment.

2. Record the entries to the General Ledger accounts.

3. Prepare Extracts of Income Statement and Balance Sheet.

Reference no: EM133184594

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