Irrecoverable debts

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July 18, 2022 at 1:13 pm #661145
ThaeJulyOo257
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Vill has trade receivables of $125000. At 31 Oct 2009, she discovered that one of her customers, Mr X, is bankrupt and cannot pay any of his $8000 debt.
Another customer, Mr Y, is in financial difficulty and Vill has agreed that only half of the debt of $12500 should be paid.
What journal entry does Vill need to post to record the above?
Dr Irrecoverable debts $14250
Cr Receivable $14250
July 18, 2022 at 2:41 pm #661183
John Moffat
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That is correct.
However, if this is another question from an exam that you have downloaded from the internet, then I am not prepared to answer any more of them (for the reason stated in my reply to your previous post).
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