On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total.
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- Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.Prepare a corrected Debtors Control account using the informationprovided above.(Note: The opening balance of R 10 000 is incorrect.)08:24 C uie Instructions. On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. No. General Ledger Debtors ledger Debtors list Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15. 4. The amount on an invoice issued to A Shokane was miscalculated. The account should be R62 and not R72. 5. Payments to creditors as per the Cash Payment Journal were debited to debtors control account, R3 960. 6. The debtors' journal was undercast and posted accordingly. The total should have been R4 710, and not R4 170. 7. A credit note for R51 was…
- Questions: a. What is the correct bad debt expense for the year assuming that the allowance for doubtful accounts had a balance of P120,500 as of January 1, 2022? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)DI-TWO Corporation had the following accounts and their balances on December 31 before any adjustments: Sales P5,000,000 Accounts Receivable 600,000 Allowance for doubtful accounts 25,000Questions: a. The net realizable value of accounts receivable as of December 31, 2023 is? b. Your proposed adjusting journal entry to correct the balance of allowance for bad debts would include a net debit or credit of? (just indicate the amount)
- a)Present the journal entries for the transactions above. (b)Journalise the adjusting entry. Show workings. (c)Determine the net realizable value of the accounts receivable as at 31 Dec. (d)Is the Allowance Method of accounting for doubtful debt better compared to the direct write-off method? Explain.Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Outpost Designs decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
- The following accounts receivable information pertains to Marshall Inc. Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method, and record the year-end adjusting journal entry for bad debt.The following accounts receivable information pertains to Select Distributors. A. Determine the estimated uncollectible bad debt for Select Distributors in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $233,180; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $199,440; record the year-end entry for bad debt, taking this into consideration. E. On March 21, 2019, Select Distributors identifies Aida Normans account as uncollectible in the amount of $10,890. Record the entry for identification.The following accounts receivable information pertains to Envelope Experts. Determine the estimated uncollectible bad debt from Envelope Experts using the balance sheet aging of receivables method, and record the year-end adjusting journal entry for bad debt.