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The balance in the Allowance for Doubtful Accounts is normally a credit. Explain how a debit balance could
develop in “Allowance for Doubtful Accounts.”
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Solved in 3 steps
- When an account is written off under the allowance method, there should be a debit to Bad Debt Expense.Which account type is used to record bad debt estimation and is a contra account to Accounts Receivable?Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. income statement method B. balance sheet method C. direct write-off method D. allowance method
- When a company receives a deposit from a customer to protect itself against nonpayment for future services, the deposit should be classified by the company as: a. revenue b. a liability c. part of the allowance for doubtful accounts d. a deferred credit deducted from accounts receivableThe dollar difference between Accounts Receivable and Allowance for Doubtful Accounts is called (a) book value. (b) interest value. (c) carrying value. (d) net realizable value.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.
- When an uncollectible account is recovered after it has been written off, which of the following accounts will be credited in the process? O Allowance for Doubtful Accounts and Cash O Accounts Receivable and Allowance for Doubtful Accounts O Cash and Account Receivable O Allowance for Doubtful Accounts and Bad Debts Expenseallowance for doubtful accounts is classified as a(n)_______ account and has a normal _____ balanceTRUE OR FALSE?Allowance for doubtful accounts will never have a debit balance.
- Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow accountWhich of the following increases the reported receivables in the financial statements? offsetting a credit balance in an account receivable a credit balance in an account payable adjustment to eliminate a debit balance in accounts payable a credit balance in an allowance accountWhich of the following is not a correct statement? Accounts receivable represents credit sale, and thus, cannot be collected until maturity. Accounts receivable mainly consists of promissory notes and credit sales. Accounts receivable is part of the current assets. Accounts payable mainly consists of purchase of inventory on credit and notes payable. Accounts payable is part of the current liabilities.
