July 18 Wrote off the $495 account of B. Betty as uncollectable. Oct. 19 Re-established the account of C. Casy and recorded the collection of $2,530 in full payment of his account, which had been written off previously. Jan. 31 Received 20% of the $2,200 balance owed by D. Delois and wrote off the remainder as uncollectable. June 30 The estimate of uncollectable accounts is based on an ageing of accounts receivable and $18,260 of the accounts receivable as at 30 June was estimated to be uncollectable. Gregory Ltd has a receivable balance of $650,000 on the 30 June 2021. All Accounts Receivable figures are GST Inclusive. REQUIRED: a. Prepare journal entries for each of the transactions/events above. Narrations are not required for journal entries.

July 18 Wrote off the $495 account of B. Betty as uncollectable. Oct. 19 Re-established the account of C. Casy and recorded the collection of $2,530 in full payment of his account, which had been written off previously. Jan. 31 Received 20% of the $2,200 balance owed by D. Delois and wrote off the remainder as uncollectable. June 30 The estimate of uncollectable accounts is based on an ageing of accounts receivable and $18,260 of the accounts receivable as at 30 June was estimated to be uncollectable. Gregory Ltd has a receivable balance of $650,000 on the 30 June 2021. All Accounts Receivable figures are GST Inclusive. REQUIRED: a. Prepare journal entries for each of the transactions/events above. Narrations are not required for journal entries.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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