When the allowance method is used for bad debts ,the entry to write off an individual account known to be uncollectible involves a
debit to the allowance account
举一反三
- Under and allowance method of accounting for bad debts , the entry made when an account is written off is
- The direct write-off method of accounting for bad debts records the loss from an uncollectible account receivable when it is determined to be uncollectible.
- Companies use two methods to account for uncollectible accounts: the direct write-off method and the allowance method. ( )
- Under the allowance method of accounting for uncollectible accounts receivable, no attempt is made to estimate the bad debt expense. ( )
- When the financial statements are prepared, the Bad Debts Account is closed by a transfer to the A: Balance Sheet B: Profit and Loss Account C: Trading Account D: Al lowance for Doubtful Debts Account
内容
- 0
Which of the following items will not appear in a receivables control account? A: Discount allowed. B: Bad debts written off. C: Increases in the allowance for debtors. D: Allowance to credit customers.
- 1
Under the direct write-off method, allowance for Uncollectible accounts does not exist.
- 2
The method of increasing the expense when the business writes an account off is called:
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中国大学MOOC: At the end of each period, estimate total bad debts expected to be realized from that period’s sales.The statement is under the method of allowance method.
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中国大学MOOC: Open account as a payment method is usually used when （ ）