02 Jul pass journal entries
fadel provides you with Flowing business transactions:
A- if a business sells products for $ 190000 on credit.
B- 25% of the balance is recived cash and 10% by cheque.
C- 5% of the balance has become irrecoverable and written off.
D- a provision of 5% is made for the remaining balance, in year one and 3% in year two where the balance remained unchanged.
a- pass journal entries to accommodate the above transactions.
b- Explain double entries for an increase and a decrease in the allowance for doubtful debts, and explain the double entries for irrecoverable debts written off.
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