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Peace Ltd, a chair manufacturing company, uses the allowance
method of accounting for uncollectible accounts receivable.
Transactions during the year:
(1)
5th Jan
Sold goods @$2,000 on credit to Mr A
(originally cost $1,400)
(2)
8th Jan
Accepted a 60-day, 10% note for
$2,000 from Mr A on account
(3)
20th Jan wrote off a $1,250 account from Open Co as
bad debt
(4)
5th Feb
Received from Mr A the amount due
on his note of 8th Jan
(5)
14th Feb
Reinstated the account of Open Co and
recovered $1,000 in cash
(6)
24th Feb
Sold goods @$10,000 on credit to Mr B
(originally cost $7,700)
(7)
28th Feb
It is estimated that 15% of the credit
sales on 24th Feb will be uncollectible
Journalise the transactions given that the accounting period is
set at monthly.
