Which of the following is the correct journal entry for the recording of an allowance for credit losses of R3 500 in preparation for a change in the ownership structure of a partnership: A. Dr: Credit losses R3 500, Cr: Allowance for credit losses R3 500 B. Dr: Valuation Account R3 500; Cr: Allowance for credit losses R3 500 C. Dr: Trade receivables R3 500; Cr: Allowance for credit losses R3 500 D. Dr: Allowance for credit losses R3 500; Cr: Trade receivables R3 500 E. Dr: Allowance for credit losses R3 500; Cr: Credit losses R3 500 When admitting a new partner, the accounts to be disclosed in the statement of financial position are closed off to a transferal account. True False