Term Paper SamplesTerm Papers on FinanceWesleyan University (WU)

Accounting Report – Term Paper

JOURNAL ENTRIES
Receivables 150 000    
Inventory   150 000  
To record the sale of inventory      
       
Cash 165 000    
Receivables   165 000  
To record cash collections      
       
Allowance for bad debt 30 000   R
Receivables   30 000 R
To record sale of inventory      
As this is highly likely to be a bad debt, it will be reversed when the customer honours their obligation

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