Bad debt is also termed as uncollectible accounts receivable. This is recorded as an expense on the income statement
A Journal entry is the act of retaining or making facts of any transactions both monetary or non-economic. Transactions are indexed in an accounting journal that suggests an employer's debit and credit balances. The magazine entry can encompass several recordings, each of which is both a debit or a credit.
Record journal entries as follows: -
Journal entry
In the Books of F Polk
Date Particulars Debit Credit
01-Sep-21 Bad Debt Expense £108
Account Receivable £105
(Being bad debt expense written-off and recorded)
05-Sep-21 Account Payable - Syme Ltd. £150
Office Fixtures £150
being office fixtures returned and recorded)
10-Sep-21 Cash £180
Bad Debt Expense £131
‘Accounts Receivable - M. Abel £311
Being office fixtures returned and recorded
18-Sep-21 Machinery - Asset £1,800
Cash £100
Bank £500
Accounts Payable - Brown Ltd. £1,200
(Being machinery purchased and recorded)
26-Sep-21 Accounts Payable - Brown Ltd. £600
‘Accounts Payable - Brown Ltd. £600
Being payment made for machinery purchased and recorded)
28-Sep-21 Insurance Expense £60
Capital Account - F Polk £70
Bank £130
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