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How should the payment be recorded

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Reference no: EM132758348

Problem 1: Assume a company writes off the Account Receivable balance of $1,500 from Goofy Inc. A few months later it receives a cheque in the mail for $500 from Goofy Inc. How should this $500 payment be recorded?

Select one:

a. It should not be recorded and returned to Wally Inc
b. It should be recorded as a credit to Allowance for Doubtful Accounts
c. It should be recorded as a credit to Accounts Payable
d. It should be recorded as a credit to Bad Debts Expense

Reference no: EM132758348

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