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Show the general ledger entries would make to record

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Problem 1: Calculate the following, taking into consideration the relevant procedures set out in the company's Financial Policy and Procedures:

  1. At the end of March, there is an overdue debt of $550 (including GST) that has been outstanding for 92 days. The amount is owed by Domestic Bliss for furniture renovation.
  2. The debt was transferred to a debt collection agency, but the debt was not paid.

Problem 2: Record these transactions in the table provided in the Worksheet.

Problem 3: Show the general ledger entries you would make to record this bad debt.

Problem 4: At the end of June, there is a debt of $990 that has been owed for 65 days. The amount is owed by Tables and Chairs. How would you show this on the end of year reports?

Reference no: EM132623358

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