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The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior to any Balance Day Adjustments) as at 30 June 2016: 5,550 Accounts Receivable (before bad debts write off - see info. 200 Allowance for Doubtful Debts Additional Information: On 1 December 2015 a one-year insurance premium was paid, for $2,400 plus GST. Insurance cover starts on 1 December. Rent paid in advance $150 at 30 June 2016. Interest earned but not recetved $350 at 30 June 2016. Depreciation to be provided $1.000 at 30 June 2016. Bad Debts to be written off $500 plus $50 GST at 30 June 2016. Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable. Tip: In your calculation, remember to consider the bad debt amount to be written off and the existing Allowance for Doubtful Debts balance. Required: (a) General Journal entries for the Balance Day Adjustments. (b) Reversing General Journal entries on 1 July 2016.

The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior to any Balance Day Adjustments) as at 30 June 2016: 5,550 Accounts Receivable (before bad debts write off - see info. 200 Allowance for Doubtful Debts Additional Information: On 1 December 2015 a one-year insurance premium was paid, for $2,400 plus GST. Insurance cover starts on 1 December. Rent paid in advance $150 at 30 June 2016. Interest earned but not recetved $350 at 30 June 2016. Depreciation to be provided $1.000 at 30 June 2016. Bad Debts to be written off $500 plus $50 GST at 30 June 2016. Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable. Tip: In your calculation, remember to consider the bad debt amount to be written off and the existing Allowance for Doubtful Debts balance. Required: (a) General Journal entries for the Balance Day Adjustments. (b) Reversing General Journal entries on 1 July 2016.

FINANCIAL ACCOUNTING
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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The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior to any Balance Day Adjustments) as at 30 June 2016: 5,550 Accounts Receivable (before bad debts write off - see info. 200 Allowance for Doubtful Debts Additional Information: On 1 December 2015 a one-year insurance premium was paid, for $2,400 plus GST. Insurance cover starts on 1 December. Rent paid in advance $150 at 30 June 2016. Interest earned but not received $350 at 30 June 2016. Depreciation to be provided $1,000 at 30 June 2016. Bad Debts to be written off $500 plus $50 GST at 30 June 2016. Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable. Tip: In your calculation, remember to consider the bad debt amount to be written off and the existing Allowance for Doubtful Debts balance. Required: (a) General Journal entries for the Balance Day Adjustments. (b) Reversing General Journal entries on 1 July 2016.
Transcribed Image Text:The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior to any Balance Day Adjustments) as at 30 June 2016: 5,550 Accounts Receivable (before bad debts write off - see info. 200 Allowance for Doubtful Debts Additional Information: On 1 December 2015 a one-year insurance premium was paid, for $2,400 plus GST. Insurance cover starts on 1 December. Rent paid in advance $150 at 30 June 2016. Interest earned but not received $350 at 30 June 2016. Depreciation to be provided $1,000 at 30 June 2016. Bad Debts to be written off $500 plus $50 GST at 30 June 2016. Allowance for Doubtful Debts to be adjusted to 5.5% of Accounts Receivable. Tip: In your calculation, remember to consider the bad debt amount to be written off and the existing Allowance for Doubtful Debts balance. Required: (a) General Journal entries for the Balance Day Adjustments. (b) Reversing General Journal entries on 1 July 2016.
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