Bad debt expense is recorded when an account is determined to be uncollectible.
举一反三
- 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.
- Using the direct write-off method, the bad debt expense that is recorded as a specific customer's account is determined to be noncollectible.
- A company has sales of $350,000, and estimates that 0.7% of its sales are uncollectible. The estimated amount of bad debt expense is $2,450. ( )
- When the allowance method is used for bad debts ,the entry to write off an individual account known to be uncollectible involves a
- Which of the following is not one of the five classes of transactions included in the sales and collection cycle? （ ） A: Interest Income B: Sales returns and allowances C: Bad debt expense D: Write-off of uncollectible accounts