Garcia Pty Ltd (direct write-off method) Garcia Pty Ltd uses the direct write-off method of accounting for bad debts. During September 2021, $4,125 (including GST) of D. Foxon's account was written off as uncollectable, as his business was facing financial difficulties. By November 1, $2,750 (including GST) was received from D. Foxon account that was written off earlier as uncollectable. Prepare journal entries to record the above transaction.

Garcia Pty Ltd (direct write-off method) Garcia Pty Ltd uses the direct write-off method of accounting for bad debts. During September 2021, $4,125 (including GST) of D. Foxon's account was written off as uncollectable, as his business was facing financial difficulties. By November 1, $2,750 (including GST) was received from D. Foxon account that was written off earlier as uncollectable. Prepare journal entries to record the above transaction.

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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