mamellombele21 mamellombele21

13-05-2024
Business

Answered

Mahlanya Traders (not a registered VAT vendor) commenced business on 1 March 2021. The entity serves both cash and credit customers. On 28 February 2022 the allowance for credit losses was recorded as R2 704.

On 28 February 2023 it was determined that the allowance for credit losses should be adjusted to R3 533. Trade receivables control as at 28 February 2023 amounts to R52 750 and the credit losses account amounts to R860.

Required:

Record the necessary adjustment and the closing entry in the general journal of Mahlanya Traders for February 2023.

Answer :

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