Reference no: EM132558033
Peakhurst Limited had the following trial balance at 1 January 2016:
Debit Credit
Cash 200000
Accounts receivable 600000
Inventory 700000
Prepaid Insurance 60000
Prepaid rent 50000
Equipment 1000000
Allowance for doubtful debt 20000
Accumulated depreciation 200000
Accounts payable 500000
Revenue received in advance 100000
Income tax payable 500000
Loan 570000
Share capital 400000
Retained profits 320000
Total 2610000 2610000
You are given the following additional information for the year ended 31 December 2016:
a) Bad debts of $8000 were written off.
b) It was decided that allowance for doubtful debts should be 4 per cent of accounts receivable. Required:
Question 1) Prepare journal entries for these transactions.
Question 2) Show the T-ledger accounts for the following for the year ended 31 December 2016:
a) Accounts receivable
b) Allowance for doubtful debts
c) Bad debts expense
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