After posting YE adjustment for bad debt in GJ, my client aged summary report still shows the client. Here is the adjustment that was made:
1201 (Accounts Receivable) Cr 2000
1205 (Allowance of Doubtful Accounts) Cr 10000
2310 (GST Charged on sales…
My accountant has requested a series of Adjusting Journal Entries, including adjustments to Payable and Receivable Accounts:
Here is a sample:
31/12/14 Accounts Receivable XYZ Inc - Account No. 1205 - Debit - 7592.20
31/12/14 Accounts Payable -…
My client is a sole proprietor. What adjustments are required to the Owner's Draw account at the end of December? Do I clear out this account at year end so it's back at zero in January? If so, where does it get posted to?
Thanks.
