Business, 10.06.2021 17:10 nathanwhite2000

Question 3 (15 marks) AQ Sportz sells a wide range of equipment for water sports. Inventory is sold for both cash and
credit. The following information relates to Accounts Receivable for April 2019:
The Accounts Receivable balance as at 1 April 2019 was $7 800.
The Accounts Receivable balance as at 30 April 2019 was $9500.
The Receipts from Accounts Receivable were $13400.
The Discount Expense was $200.
The Discount Revenue was $140.
The Allowance for Doubtful Debts had a balance of $1 400 on 1 April 2019.
$1200 was written off as Bad Debts in April.
The Allowance for Doubtful Debts is 5% of net credit sales.
Using the information above, reconstruct the Accounts Receivable ledger account and
determine the Credit Sales for April 2019.
6 marks
b.
Record the General Journal entry required to prepare the Allowance for Doubtful Debts for
May 2019 (Memo 67).
A narration is not required.
3 marks
The following graph shows the Accounts Receivable Turnover (in days) for AQ Sportz over
the six-month period from December 2018 to May 2019.

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Question 3 (15 marks) AQ Sportz sells a wide range of equipment for water sports. Inventory is sold...

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