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2. Which of the following is the CORRECT journal entry to write off a debtor who has been declared bankrupt? a. Debit Bad debts, Credit

2. Which of the following is the CORRECT journal entry to write off a debtor who has been declared bankrupt? a. Debit Bad debts, Credit account receivables. b. Debit accounts receivables, Credit bad debts. c. Debit Provision for doubtful debts, Credit account receivables. d. Debit account receivables, Credit provision for doubtful debts. 3. Which of the following are current liabilities? I. Bank. II. Long-term loan. III. Trade payables. IV. Revenue received in advance. a. II and III only. b. III and IV only. c. I and II only. d. I and III only
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2. Which of the following is the CORRECT journal entry to write off a debtor who has been declared bankrupt? a. Debit Bad debts, Credit account receivables. b. Debit accounts receivables, Credit bad debts. c. Debit Provision for doubtful debts, Credit account receivables. d. Debit account receivables, Credit provision for doubtful debts. 3. Which of the following are current liabilities? I. Bank. II. Long-term loan. III. Trade payables. IV. Revenue received in advance. a. II and III only. b. III and IV only. c. I and II only. d. I and III only

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