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When the allowance method is used, the write-off of an uncollectible account Quizlet

Century 21 Accounting: General Journal

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Fundamentals of Financial Management, Concise Edition

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Intermediate Accounting

14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

1,471 solutions

Century 21 Accounting: General Journal

11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman

1,012 solutions

Fundamentals of Financial Management, Concise Edition

10th EditionEugene F. Brigham, Joel Houston

777 solutions

Financial Accounting

9th EditionCharles T. Horngren

1,286 solutions

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Terms in this set [17]

Rue Co.'s allowance for uncollectible accounts had a credit balance of $12,000 at December 31, Year 1. During Year 2, Rue wrote off uncollectible accounts of $48,000. The aging of accounts receivable indicated that a $50,000 allowance for uncollectible accounts was required at December 31, Year 2. What amount of uncollectible accounts expense should Rue report for Year 2?

a] $60,000
b] $50,000
c] $86,000
d] $48,000

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When an account is to be written off as uncollectible when the allowance method is used what account would be debited for the write

When a specific customer's account is identified as uncollectible, the journal entry to write off the account is: A credit to Accounts Receivable [to remove the amount that will not be collected] A debit to Allowance for Doubtful Accounts [to reduce the Allowance balance that was previously established]

What happens when a company writes off an uncollectible account under the allowance method quizlet?

Under the allowance method, when a specific account is written off, the allowance account is debited and the accounts receivable account is credited.

When a company uses the allowance method of accounting for uncollectible receivable?

The Allowance Method debits bad debt expense in the period when the sale is recorded and credits a contra-asset account, Allowance for Uncollectible Accounts. In the period in which a specific account is determined to be uncollectible, the Allowance is debited and Accounts Receivable is credited.

Century 21 Accounting: General Journal

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Flashcards

Learn

Test

Match

Flashcards

Learn

Test

Match

Terms in this set [17]

When an account is to be written off as uncollectible when the allowance method is used what account would be debited for the write

What happens when a company writes off an uncollectible account under the allowance method quizlet?

When a company uses the allowance method of accounting for uncollectible receivable?

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