Q7 The receivable ledger account also knownas_a. Total receivables accountb. Average receivables accountc. None of the optionsO d. Net receivables account

Receivables represent the amount owed by the customers to the business.

Answered: The receivable ledger account also…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Similar questions

Which one of the following statements is NOT true about account receivables? Select one: a. Account receivables have debit balances. b. Account receivables are current assets. c. Account receivables are can be discounted. d. Account receivables only relate to credit sales.
Total receivables will remain unchanged for which of the following?* a. Collection of trade accounts receivable b. Assignment of receivables c. Factoring of receivables d. Notes receivable discounting without recourse
If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? a.Interest expense b.Allowance for doubtful accounts c.Uncollectible accounts expense d.Accounts receivable
From page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable? Accounts receivable - Allowance for uncollectible accounts Accounts receivable - bad debt expense Accounts receivable - accumulated depreciation
______ is the example of Liabilities. Sales Supplies in Hand Account Receivables Unearned Commission
The preferred method of accounting for uncollectible accounts is ? A) net realizable method. B) actual method. C) allowance method. D) direct write-off method.
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Accounts Receivable
If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? Accounts Receivable Allowance for Doubtful Accounts Interest Expense Uncollectible Accounts Expense
6. Which method of estimating uncollectible accounts does not take the previous balance in the allowance account in to consideration? a. Percentage of account receivable method b. All the options c. Account receivable aging method d. Percentage of sales method
Which one of the following is not an accounting problem (issue) associated with accounts receivable? Group of answer choices Recognizing accounts receivable Depreciating accounts receivable Reporting accounts receivable Relieving accounts receivable
3 The aging of accounts receivable method uses __________________to estimate the allowance amount. a. None of the given options b. Current receivables information c. Both past and current receivables information d. Past receivables information
Using the allowance method of accounting for uncollectible receivables, the entry to reinstate a specific receivable previously written off would include a a.credit to Accounts Receivable. b.credit to Bad Debt Expense. c.debit to Accounts Receivable. d.debit to Allowance for Doubtful Accounts.

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The receivable ledger account also known as a. Total receivables account b. Average receivables account O c. None of the options d. Net receivables account