Accounting Knowledge MCQs
One of your customers purchased $1,000 on account during the fiscal year. In June of that year they filed for bankruptcy and were unable to remit the balance owed to your company. What is the adjusting entry for this scenario?
One of your customers purchased $1,000 on account during the fiscal year. In June of that year they filed for bankruptcy and were unable to remit the balance owed to your company. What is the adjusting entry for this scenario?
Answer
Correct Answer: DR: Allowance for Doubtful Accounts, CR: Accounts Receivable
Explanation:
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