CONTR ENTRY IN THE RECEIVABLE AND PAYABLE CONTROL ACCOUNTS

Appen Limited buys goods from Alpine Limited and also Alpine Limited sells services to Appen Limited.

Appen Limited currently owes 12,000 to Alpine Limited, and Alpine Limited owed 5,000 to Appen Limited.

Appen Limited and Alpine Limited might agree to offset these two(2) debts, Leaving Appen Limited owing the net amount of 7,000 to Alpine Limited.

You are required:

"To record Contra Entry in the books of Appen Limited and Alpine Limite for the above settlement"