On January 16, Whole Circle 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 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.

On January 16, Whole Circle Sold Goods Worth $5,000 to Smith