Under allowance method, the journal entry to record uncollectible accounts expense is a. Dr. Bad debts expense & Cr. Accounts Receivable b. Dr. Allowance for Doubtful Accounts & Cr. Bad debts Expense c. Dr. Accounts Receivable & Cr. Bad debts expense d. Dr. Bad debts expense & Cr. Allowance for Doubtful Accounts

Under allowance method, the journal entry to record uncollectible accounts expense is a. Dr. Bad debts expense & Cr. Accounts Receivable b. Dr. Allowance for Doubtful Accounts & Cr. Bad debts Expense c. Dr. Accounts Receivable & Cr. Bad debts expense d. Dr. Bad debts expense & Cr. Allowance for Doubtful Accounts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 9MC: Which method delays recognition of bad debt until the specific customer accounts receivable is...

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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
Each time an account is written off under the direct write-off method, Bad Debt Expense is debited.
Identify which journal entries correctly records the write off of an uncollectible account receivable when using the allowance method? A. Debit bad debt expense. Credit uncollectible sales. B. Debit allowance for doubtful accounts. Credit accounts receivable C. Debit allowance for doubtful accounts. Credit bad debt expense D. Debit bad debt expense. Credit allowance for doubtful accounts.
What is the normal journal entry for recording bad debt expense? Group of answer choices debit Accounts Receivable, credit Bad Debt Expense debit Bad Debt Expense, credit Allowance for Uncollectible Accounts debit Allowance for Uncollectible Accounts, credit Bad Debt Expense debit Bad Debt Expense, credit Accounts Receivable
What journal entry is used to write-off an uncollectible account under the allowance method? Group of answer choices Debit Bad Debt Expense; Credit Allowance for Doubtful Accounts Debit Allowance for Doubtful Accounts; Credit Accounts Receivable Debit Accounts Receivable; Credit Allowance for Doubtful Accounts Debit Bad Debt Expense; Credit Accounts Receivable If the allowance method is used to account for valuing uncollectible accounts, when will the company debit the bad debt expense account? Group of answer choices When the account is determined to be uncollectible When the sale is made Whenever the accountant darn-well feels like it At the end of the period, when the estimate is recorded
8- Under allowance method,the journal entry to record uncollectible accounts expense is a. Dr. Allowance for Doubtful Accounts and Cr. Bad debts Expense b. Dr. Bad debts expense and Cr. Accounts Receivable c. Dr. Accounts Receivable and Cr. Bad debts expense d. Dr. Bad debts expense and Cr. Allowance for Doubtful Accounts
Which of the followings concepts relates to using the allowances method in accounting for accounts receivable? A) Bad debt expense is an estimates that is based on historical and prospective information. B) Bad debt expense is based on the actual amounts determined to be uncollectible. C) Bads debt expense is an estimate that is based only on an analysis of the receivables aging. D) Bad debt expense is managments determination of which accounts will be sent to the attorney for collection.
Using the allowance method, the entry to record a write-off of accounts receivable will include a. A debit to Bad Debt Expense.b. A debit to Allowance for Uncollectible Accounts. c. No entry because an allowance for uncollectible accounts was established in an earlier period. d. A debit to Service Revenue.
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
Under the allowance method for uncollectible accounts, the journal entry to record the estimate of uncollectible accounts would include a credit to Accounts Receivable. Bad Debt Expense. Allowance for Doubtful Accounts. None of these choices are correct.
19-Under allowance method,the journal entry to record uncollectible accounts expense is a. Dr. Accounts Receivable and Cr. Bad debts expense b. Dr. Allowance for Doubtful Accounts and Cr. Bad debts Expense c. Dr. Bad debts expense and Cr. Allowance for Doubtful Accounts d. Dr. Bad debts expense and Cr. Accounts Receivable
Under the allowance method, when $600 is authorised to be written off, the journal entry would be Select one: a. Debit Accounts Receivable $600, Credit Allowance for Doubtful Debts $200 b. Debit Bad Debts Expense $600, Credit Accounts Receivable $600 c. Debit Bad Debts Expense $600, Credit Allowance for Doubtful Debts $600 d. Debit Allowance for Doubtful Debts $600, Credit Accounts Receivable $600