4.2 LO2 The opening balance on the receivables account of a business was $40,000. The following transactions
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4.2 LO2 The opening balance on the receivables account of a business was $40,000.
The following transactions occur, all of which relate to receivables:
(a) Sales on credit amounted to $25,000.
(b) Cash received from debtors amounted to $45,000, which was in satisfaction of debts of
$45,900.
(c) Bad debts of $1,200 were written off.
Journalise these transactions, post the appropriate amounts in the receivables account, and balance off the account.
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Related Book For
Accounting For Business Students
ISBN: 9781488616570
1st Edition
Authors: Peter Atrill, Eddie Mclaney, David Harvey
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