– PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via the allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling in your information on the cover page. • Students must mention question numbers clearly in their answers. • Late submission will NOT be accepted. • Avoid plagiarism; the work should be in your own words. Copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): Marks 5 Chapters covered 7,8 & 9 Q1. Discuss with your own examples the two methods of accounting for receivables and the two methods for estimating bad debts. (Note: Examples must include Journal entry) Account’s receivables Gross method: In this method, the sale transaction is recorded at a gross price without removing the discount. The accounts receivable is debited, and the sales accounts are credited. Assuming a customer purchased goods worth $5,000 on credit. A discount will be issued if the customer makes payments within a certain period set by the credit department. Date Account tit ...
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