Vettori Ltd has the following information from an aged debtors listing for the current period. Based on experience in the industry,Vettori Ltd uses the following basis for estimating uncollectible amounts:
Assuming that the current balance in the provision for doubtful debts is zero,what is the entry to record the provision for this period? What is the entry to record the writing off of a bad debt of $1,000 when a debtor goes bankrupt?
E) None of the given answers.

Question

Vettori Ltd has the following information from an aged debtors listing for the current period.  Based on experience in the industry,Vettori Ltd uses the following basis for estimating uncollectible amounts:
 Assuming that the current balance in the provision for doubtful debts is zero,what is the entry to record the provision for this period? What is the entry to record the writing off of a bad debt of $1,000 when a debtor goes bankrupt?
E) None of the given answers.

Quizplus · Accepted Answer

The Answer of Vettori Ltd has the following information from an aged debtors listing for the current period.  Based on experience in the industry,Vettori Ltd uses the following basis for estimating uncollectible amounts:
 Assuming that the current balance in the provision for doubtful debts is zero,what is the entry to record the provision for this period? What is the entry to record the writing off of a bad debt of $1,000 when a debtor goes bankrupt?
E) None of the given answers.

Vettori Ltd Has the Following Information from an Aged Debtors