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Question - The following transactions relate to the business of Penrith Produce Ltd. Ignore GST.
30 June Based on past experience, it was estimated that 1% of the year's net credit sales revenue of $330,000 will not be collected, and an allowance for doubtful debts was established.
5 October After a concerted effort to collect, an account receivable of $550 from M. McGrath was written off as a bad debt.
15 November M. McGrath unexpectedly paid $242 of the amount of his debt written off on 5 October.
Required -
1. Record the transactions in general journal form.
2. What is the balance in the Allowance for Doubtful Debts accounts at 31 October?
3. Where the allowance for doubtful debts account shown on the financial statements? Will it appear in the balance sheet or the profit and loss statement?
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