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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
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