Blossom Inc. mistakenly recorded an EFT payment as $455 that was written for $527 in payment of an amount owing to one of the company's suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $332 from its bank account that was written by another company. Identify any entries required on Blossom's books to correct these errors. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation. (To correct error by company) (To correct error by bank) I Debit Credit

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.