Several months ago, R. James, a trade debtor for $6600, had his account written off as a

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Several months ago, R. James, a trade debtor for $6600, had his account written off as a bad debt. A cheque has just been received in the post from James for $6600 and the assistant accountant made the following journal entry:

Cash at Bank $6600

GST Payable $600

Bad Debts Recovered 6000

The assistant accountant asserted that there were more complicated ways of handling such a transaction, but his method is simple and direct. Do you agree? Explain why or why not.

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Related Book For answer-question

Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 25, 2019 04:59 AM

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