1.) 2006 Nov 5 C Wong our customer,owed us $5000.He is now declared bankrupt.We received $2350 by cheque as full settlement of the debt and the balance is to be written off.
2.)2006 Nov 6 Our customer,owed us $3000. He is now declared bankrupt.$2500 cash was received from C Lee as full settlement of the debt and the balance is to be written off.
Journal entries necessary to record the above transactions. (Narration is required )
Journal Entries 唔識入數.....
2006-12-16 7:51 am
回答 (2)
2006-12-16 9:58 am
✔ 最佳答案
1.Dr. Bank $2,350
Dr. Bad Debt $2,650
Cr. C Wong (Debtors) $5,000
Being received $2,350 cheque from C Wong as full settlement, the balance is now treated as bad debt expense.
2.
Dr. Cash $2,500
Dr. Bad Debt $500
Cr. C Lee (Debtors) $3,000
Being received $2,500 cash from C Lee as full settlement, the balance is now treated as bad debt expense.
參考: I am accountant
2006-12-16 8:31 am
1 Dr Cash 2350
Cr Accounts receivable 2350
Part settlement from client
Dr Bad debt expenses 2650
Cr Account receivable 2650
Bad Debt written off, as C wong declared bankrupt
The Q2 will be the same
Cr Accounts receivable 2350
Part settlement from client
Dr Bad debt expenses 2650
Cr Account receivable 2650
Bad Debt written off, as C wong declared bankrupt
The Q2 will be the same
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