BAO5543 Accounting Systems and Processes

Published : 17-Sep,2021 | Views : 10

Question:

Journalising accounts receivable entries Using your text as a resource, show the journal entries needed to show sales on credit the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing.

Create your own numbers. A spreadsheet is not required. Estimating bad debts Contrast two different methods of estimating bad debts. Create simple examples. Evaluation of a firm's financial position How can we use receivables to evaluate a firm's financial position Give numerical examples. Dishonour of a note receivable.

Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the journal entries. Create your own simple numbers. Work Integrated.

Answer:

Balance Inventory
Unit	Cost per Unit	Total Amount
60	$57	$3,420
60	$57	$3,420
10	$65	$650
70	$58	$4,070
70	$58	$4,070
30	$70	$2,100
100	$62	$6,170
100	$62	$6,170
70	$72	$5,040
170	$66	$11,210
115	$66	$7,583
Unit	Cost per Unit	Total Amount
60	$57	$3,420
60	$57	$3,420
10	$65	$650
60	$57	$3,420
10	$65	$650
30	$70	$2,100
60	$57	$3,420
10	$65	$650
30	$70	$2,100
70	$72	$5,040
5	$57	$285
10	$65	$650
30	$70	$2,100
70	$72	$5,040
Unit	Cost per Unit	Total Amount
60	$57	$3,420
60	$57	$3,420
10	$65	$650
60	$57	$3,420
10	$65	$650
30	$70	$2,100
60	$57	$3,420
10	$65	$650
30	$70	$2,100
70	$72	$5,040
60	$57	$3,420
10	$65	$650
30	$70	$2,100
15	$72	$1,080