Question 3 (Topic 8) - 9 marks On 1 June 2020, Mason Ltd, had Accounts Receivable $424,778 and Allowance for DoubtfulDebts accounts $6,050. Ignore GSTDuring June, the following transactions occurred:1. Revenue eamed on credit, $597,5002. Sales returns, $12,050.3. Accounts receivable collected, $700,000.4 Accounts written off as uncollectable, $5.926Based on an ageing of accounts receivable on 30 June, the firm determined that theAllowance for Doubtful Debts account should have a credit balance of $6,750 on the balancesheet os at 30 June 2020. Ignore GSTRequired:a) Prepare general journal entries to record the four transactions (4 marks)b) Prepare journal entries to adjust the bad debts expense and allowance for doubtful debtsaccount (1.5 marks)c) Show how accounts receivable and the allowance for doubtful debts would appear onthe balance sheet at 30 June 2020 (2 marks)d) On 10 July 2020, Kent Ltd, whose $1 300 account had been written off as uncollectablein June, paid its account in full. Prepare journal entries to record the collection (1.5marks)

Question 3 (Topic 8) - 9 marks On 1 June 2020, Mason Ltd, had Accoun

1.	Question 3 (Topic 8) - 9 marks On 1 June 2020, Mason Ltd, had Accounts Receivable $424,778 and Allowance for DoubtfulDebts accounts $6,050. Ignore GSTDuring June, the following transactions occurred:1. Revenue eamed on credit, $597,5002. Sales returns, $12,050.3. Accounts receivable collected, $700,000.4 Accounts written off as uncollectable, $5.926Based on an ageing of accounts receivable on 30 June, the firm determined that theAllowance for Doubtful Debts account should have a credit balance of $6,750 on the balancesheet os at 30 June 2020. Ignore GSTRequired:a) Prepare general journal entries to record the four transactions (4 marks)b) Prepare journal entries to adjust the bad debts expense and allowance for doubtful debtsaccount (1.5 marks)c) Show how accounts receivable and the allowance for doubtful debts would appear onthe balance sheet at 30 June 2020 (2 marks)d) On 10 July 2020, Kent Ltd, whose $1 300 account had been written off as uncollectablein June, paid its account in full. Prepare journal entries to record the collection (1.5marks)
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