Homework Answers
Correct option is "D "-Allowance for doubtful account
| Date | Account title | Debit | credit |
| Allowance for doubtful account | 1600 | ||
| Accounts receivable | 1600 | ||
| [Being account un-collectible written off] |
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At year-end Shifty Ltd had a balance of Accounts Receivable of $90 000 and an Allowance for Doubtful Debts of $4000. It was decided to write off the debt of Wriggler totalling $2500 as irrecoverable. It was further decided that the Allowance for Doubtful Debts should stand at 5% of Accounts Receivable. What was the journal entry needed to bring the Allowance for Doubtful Debts to the required level after writing off the debt of Wriggler? TE Select one: O...
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