Accounting · Double Entry System
Complete the following statements regarding the accounting entries for receivables: 1. When a business agrees to a contra between the receivables and payables ledgers, it must (Blank 1) the trade payables account and (Blank 2) the trade receivables account. 2. When a debt previously written off is recovered, the credit entry should be made to the (Blank 3) account. 3. If an entity records a dishonoured cheque from a customer, the trade receivables ledger account must be (Blank 4). Options for Blanks: - Blank 1 & 2: Debit / Credit - Blank 3: Trade Receivables / Irrecoverable Debts Expense / Sales - Blank 4: Debited / Credited
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Blank 1: Debit, Blank 2: Debit, Blank 3: Irrecoverable Debts Expense, Blank 4: Debited
- 2Blank 1: Debit, Blank 2: Credit, Blank 3: Irrecoverable Debts Expense, Blank 4: Credited
- 3Blank 1: Debit, Blank 2: Credit, Blank 3: Irrecoverable Debts Expense, Blank 4: Debited✓
- 4Blank 1: Debit, Blank 2: Credit, Blank 3: Sales, Blank 4: Debited
Correct answer
Blank 1: Debit, Blank 2: Credit, Blank 3: Irrecoverable Debts Expense, Blank 4: Debited
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