On January 16,Whole Circle Inc.sold goods worth $5,000 to Smith on account.It could not collect cash from the customer,and finally decided to write off the account.Give journal entry to record the write-off assuming that the company uses the allowance method.

Question

Quizplus · Accepted Answer

The Answer of On January 16,Whole Circle Inc.sold goods worth $5,000 to Smith on account.It could not collect cash from the customer,and finally decided to write off the account.Give journal entry to record the write-off assuming that the company uses the allowance method.