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- Simple interest applies when interest is earned _____________. a. on interest b. in a serious of payments c. to a checking account d. only once before a paymentWhen we have established an allowance for uncollectible accounts, how do we write off an account receivable as uncollectible? What effect does this write-off have on the reported amount of total assets and net income at the time of the write-off?The trade and other receivables note will include the following items. A.Debtors control-allowance for credit losses+prepaid expenses B.Debtors control +allowance for credit losses - prepaid expenses C.Debtors control + allowance for credit losses + prepaid expenses C.Debtors control-allowance for credit losses - accrued expenses D.None of the above
- Interest received in advance account is a a. Nominal Account b Real Account C.Artificial Personal Account O d. Representative Personal AccountIf 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 receivableThe trade and other receivables note will include the following items? A. Debtors control + allowance for credit losses - prepaid expenses B. None of the above C. Debtors control - allowance for credit losses - accrued expenses D. Debtors control - allowance for credit losses + prepaid expenses E. Debtors control + allowance for credit losses + prepaid expenses
- When an account is written off using the allowance method, account receivable is ?Which 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 account: Provide example of accounting treatment for transactions related to loan in two situations as following Personal loan Personal guarantees The accounting treatment include the payment of the loan and return the loan to the bank , interest rate , commission
