Fill in the gaps with 'debited', 'credited', 'income' or 'expense'. a. When a bad debt is written

Question:

Fill in the gaps with 'debited', 'credited', 'income' or 'expense'.

a. When a bad debt is written off, the debtor's account is_________ and the bad debts account is_________ .

b. When the provision for doubtful debts is increased, the provision account is_________ and and the amount is entered in the income statement as an________ .

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cambridge International AS And A Level Accounting

ISBN: 9781444181432

1st Edition

Authors: Ian Harrison

See More Books

Question Posted: Aug 23, 2023 02:20 PM

See More Questions

1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
The statement of financial position as at 31 December 20X2 of Zoom Products Ltd included: Trade receivables...............................85,360 The financial statements for the year ended 31...
Because of excessive pollution on the Momiss River, the state of Momiss is going to build pollution control stations. Three sites (1, 2, and 3) are under consideration. Momiss is interested in...
The records of Ellens Boutique report the following data for the month of April. Instructions Compute the ending inventory by the conventional retail inventorymethod. $99,000 Purchases (at cost)...
Presented below are the monthly factory overhead cost budget (at normal capacity of 5,000 units or 20,000 direct labor hours) and the production and cost data for a month. The predetermined overhead...
Consider a square loop of wire that carries a clockwise current when viewed from above. What is the direction of the magnetic field at the center of the square loop due to $(a)$ the left side,...
Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Consider the following questions independently. None of the six segments has a...
(a) During the audit of the Weak Bank (W), RBI has suggested that the Bank should either merge with another bank or may close down. Strong Bank (S) has submitted a proposal of merger of Weak Bank...
In which ledger would you find the bad debts account?
Explain the connection between debtors and trade receivables.
Find the intervals on which is concave up or down, the points of inflection, the critical points, and the local minima and maxima. f(x) = 1 x + 1
Following are the ledger balances of Titas Pvt. Ltd. as on the date 31 December, 2022. Prepare the Trial Balance using the following balances. Account Name Tk. Bank Overdraft 40,000 Cash 20,000...
What is the NPV for Project A? (To the nearest cent.) What is the IRR for Project A? (Remember to use decimals and not answer in percents for all questions asking for interest rates.) What is the...
In an experiment, a shearwater (a seabird) was taken from its nest, flown a distance 5140 km away, and released. It found its way back to its nest 14.5 days after release.
You just won $150,000 in the lottery and you decide to invest the money for 20 years to save for your retirement. However, you only get to choose one of the 4 options below. Which one would you pick...
A combination of series and parallel connections of capacitors is shown in the figure. The sizes of the capacitors are listed below. Randomized Variables C = 1.82 F C = 6.8 F C3= 10.5 F Find the...
Using the heights and weights described in Exercise 1, the linear correlation coefficient r is 0.356. Find the value of the coefficient of determination. What practical information does the...
One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...
(a). Explain the term additional activity. (b). Identify two additional activities that might be undertaken by a swimming club.
What is the name given to a clubs capital account?
A business charges goods to its warehouse at factory cost plus 25%. It had no opening inventory and closing inventory at the end of year 1 was valued at a transfer price of $3000. At the end of year...
You are a college senior, interning at a company that is about to celebrate its first anniversary in business and is throwing a big party for its employees, customers and suppliers. It will need 10...
A marketing firm is hiring 3 new employees. Their job duties entail developing new marketing plans and to appear at certain promotional events. After all the candidates are interviewed, the marketing...
Prepare for the inevitablethe day you do not know an answer. Sometimes, it feels embarrassing to ask questions at work. In the following situations, which questions are im-portant to ask at work, and...

Fill in the gaps with 'debited', 'credited', 'income' or 'expense'. a. When a bad debt is written

Question:

Step by Step Answer:

a When a bad debt is written off the debtors accou...View the full answer

Cambridge International AS And A Level Accounting

Students also viewed these Business questions