The closing trade receivables as at 31/10/2020 before bad debts written off were £165,000. The business continues to maintain the sameprovision for doubtful debts as last year of 2% on closing trade receivables after bad debts written off.The following two transactions have just been recorded in preparation for finalising the financial statements for the year ending31/10/2020:NoSelect one:O a. £1,560O b. £3,240O c.£4,920O d. £1,68012ASSETS-3,000(tradereceivables)+3,000(provision for doubtfuldebts)-1,320(provision for doubtfuldebts)EXPENSES+1,320(bad debtexpense)(OP) EQUITYREVENUESLIABILITIESWhat was the "provision for doubtful debts" balance shown on the business's Statement of Financial Position as at 31/10/2019?

The closing trade receivables as at 31/10/2020 before bad debts written off were £165,000. The business continues provision for doubtful debts as last year of 2% on closing trade receivables after bad debts written off. The following two transactions have just been recorded in preparation for finalising the financial statements for the y 31/10/2020:

The closing trade receivables as at 31/10/2020 before bad debts written off were £165,000. The business continues provision for doubtful debts as last year of 2% on closing trade receivables after bad debts written off. The following two transactions have just been recorded in preparation for finalising the financial statements for the y 31/10/2020:

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Conversion Cycle

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Question

The closing trade receivables as at 31/10/2020 before bad debts written off were £165,000. The business continues to maintain the same
provision for doubtful debts as last year of 2% on closing trade receivables after bad debts written off.
The following two transactions have just been recorded in preparation for finalising the financial statements for the year ending
31/10/2020:
No
Select one:
O a. £1,560
O b. £3,240
O c.
£4,920
O d. £1,680
1
2
ASSETS
-3,000
(trade
receivables)
+3,000
(provision for doubtful
debts)
-1,320
(provision for doubtful
debts)
EXPENSES
+1,320
(bad debt
expense)
(OP) EQUITY
REVENUES
LIABILITIES
What was the "provision for doubtful debts" balance shown on the business's Statement of Financial Position as at 31/10/2019?

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