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XYZ Ltd's Financial Information Includes the Following [*] the Journal Entry for Bad Debts Written Off Debited

Question 32

Multiple Choice

XYZ Ltd's financial information includes the following:  Sales $100,000 Accounts Receiv able balance 1 July 1330000 Accounts Receiv able balance 30 June 1435000 Bad debts written off [*] 1000 Discount Allowed 5000\begin{array}{lc}\text { Sales }&\$100,000\\\text { Accounts Receiv able balance } 1 \text { July } 13 & 30000 \\\text { Accounts Receiv able balance 30 June } 14 & 35000 \\\text { Bad debts written off [*] } & 1000 \\\text { Discount Allowed } & 5000\end{array} [*] The journal entry for bad debts written off debited Bad Debts Expense $1000 and credited Accounts Receivable $1000 direct write-off method) .
The cash received from customers for the year ended 30 June 14 was:


A) $89 000
B) $91 000
C) $94 000
D) $101 000

Correct Answer:

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