Adjustments [AF-ADJ]
A customer owing £700 is declared bankrupt and the debt is irrecoverable. How should the business record this?
Debit irrecoverable debts expense £700; credit trade receivables £700
Debit trade receivables £700; credit irrecoverable debts expense £700
Debit allowance for receivables £700; credit sales £700
Debit bank £700; credit trade receivables £700
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