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What amount should appear for receivables expense

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Reference no: EM132578853

At 31 December 2012 a company's receivables totalled $400,000 and an allowance for receivables of $10,000 had been brought forward from the year ended 31 December 2011.

Firstly, it was decided to direct write off debts totalling $38,000 due from customer which has been declared bankrupt. After writing off the debt, the allowance for receivables is to be adjusted to the equivalent of 10% of the receivables.

Question 1: What amount should appear for receivables expense in the company's statement of profit or loss for the year ended 31 December 2012? Please show the journal entries (use T-accounts)

Reference no: EM132578853

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