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Question
The Allowance for Impairment on Receivables in the accounts of WonderNut at 30 June 2018 was $18,500 and the Receivables balance was $312,785.
During the year, the business made credit sales of $288,000 and gave a cash discount of $14,785 to credit customers. A cash amount of $480,000 was also received from these trade receivables during the financial year. $7,500 were to be written off at the financial year end of 30 June 2019. Based on past experience, WonderNut wishes to set the allowance at 10% of the receivables.
What are the correct journal entries to record the impairment loss on receivables for the year ended 30 June 2019?
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Today you go long on 5 December contracts of lean hog futures, at a price of 72.9 cents per pound. One contract is for 40K pounds. One month later, December futures are trading at 62.6 cents per pound. If you close out your position at this time, wha..
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