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2 years ago

Differentiate between bad debt and doubtful debt

Business

1 answer:

umka2103 [35]2 years ago

3 0

answer and explanation :

A bad debt is a specifically-identified account receivable that will not be paid and so should be written off at once, while a doubtful debt is one that may become a bad debt in the future and which it may be necessary to create an allowance for doubtful accounts.

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Aug 1

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Preparation of the general journal entries for the above transactions.

Aug 1

Dr cash $8,000

Dr photography equipment $34,400

Cr Common Stock $42,400

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Aug 2

Dr Prepaid Insurance $3,000

Cr Cash$3,000

Aug 5

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Read 2 more answers

Differentiate between bad debt and doubtful debt​

Differentiate between bad debt and doubtful debt