At Year End Dodgy Ltd Had a Balance in Accounts

question 6

Multiple Choice

At year end Dodgy Ltd had a balance in Accounts receivable of $40 000 and an Allowance for doubtful debts of $2000.It was decided to write off as irrecoverable the debt of Houdini Ltd totalling $3500.It was further decided that the Allowance for doubtful debts should stand at 10 per cent of Accounts receivable.
- What was the journal entry needed to bring the Allowance for doubtful debts to the required level after writing off the debt of Houdini Ltd?

Grasp the concepts of open innovation and crowdsourcing as mechanisms for nurturing innovation.

Acknowledge the significance of organizational support and structures in fostering innovation.

Recognize factors that facilitate or hinder the diffusion of innovations within organizations.

Understand the personal qualities and conditions that contribute to creativity.

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Definitions:

Ownership Interest

The right or share an individual or entity has in an asset or property, which can include both legal ownership and beneficial interest.

Day-to-Day

Describes tasks or operations that occur or are completed on a daily basis, often in a routine or regular manner.

Outside Director

A member of a company's board of directors who is not part of the company's executive staff and is typically brought in to provide a broader perspective and ensure impartial oversight.

Quorum

A quorum is the minimum number of members required to be present at a meeting to make the proceedings of that meeting valid.