Respuesta :
The journal entry to record bad debt expense is made during the year in which it is determined that a particular receivable is uncollectible, regardless of the year of sale.
The given statement is False.
What is a journal entry?
- A journal entry is used to record a business transaction in the accounting records of a business. An accounting entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger, which is then summarized and entered in the general ledger.
- The general ledger is then used to create the financial statements of the business.
- The logic behind journaling is to record each business transaction in at least two places (known as double-entry bookkeeping).
- For example, when you generate a cash sale, it increases both the revenue account and the cash account. Or, if you purchase goods on account, it increases both the accounts payable account and the inventory account.
To learn more about journal entry, refer to:
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