An insolvent debtor paid GH Traders R3 500 which represented 80% of the amount owed. The balance on her account must be written off. These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? O A. The bad debt amounts to R700. O B. The debtor owed R4 375. O C. The Debtors Control account will decrease by R3 500. O D. The Bank account will be credited with R3 500.

An insolvent debtor paid GH Traders R3 500 which represented 80% of the amount owed. The balance on her account must be written off. These transactions have not yet been recorded. Which of the following statements is correct in respect of the above transactions? O A. The bad debt amounts to R700. O B. The debtor owed R4 375. O C. The Debtors Control account will decrease by R3 500. O D. The Bank account will be credited with R3 500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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