Why does the write-off of uncollectible accounts have no effect on the net realizable accounts receivable on the balance sheet if bad debts are estimated? What is the effect of this write-off on the income statement?
State the reason for which the write-off uncollectible accounts has no effect on the net realizable accounts receivable on the balance sheet, if bad debts are estimated and explain the effect of this write-off on the income statement.
Accounts receivable:
Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.
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