Subject:- Account On 31 March 20.2, Ronnie’s Dealers received a statement from MM Wholesalers (a creditor). The bookkeeper noticed that Ronnie's Dealers owe MM Wholesalers R2 400 and that interest of 5% was charged due to late payment of the account. No entry was made in the accounting records of Ronnie Dealers for the interest amount charged. What will the correct general journal entry for the given transaction in the books of Ronnie Dealers be?ie amounts and accounts to DR/CR and the correct journal...
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.
Subject:- Account
On 31 March 20.2, Ronnie’s Dealers received a statement from MM Wholesalers (a creditor). The bookkeeper noticed that Ronnie's Dealers owe MM Wholesalers R2 400 and that interest of 5% was charged due to late payment of the account. No entry was made in the accounting records of Ronnie Dealers for the interest amount charged.
What will the correct general
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