Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 1 - No. 38)
What should a business do after a customer pays the debt that was written off as an irrecoverable debt?
Decrease the amount recorded in income
Re-instate the irrecoverable debt in the ledger
Re-instate trade receivables
Decrease the amount of bank balance
Explanation
The business should debit the customer to the trade receivables ledger
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