What entry is made to record an uncollectible account under the direct charge-off method?
What entry is made to record an uncollectible account under the
direct charge-off method?
Homework Answers
Following entry is made to record an uncollectible account under the direct charge-off method:
| Date | General Journal | Debit | Credit |
| Bad debt expense | ----------- | ||
| Account receivables | --------- |
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What entry is made to record an uncollectible account under the
direct charge-off method?
Electric Utilities Services Company uses the direct charge off method to record uncollectible accounts. On September...
Electric Utilities Services Company uses the direct charge off method to record uncollectible accounts. On September 10, 2019, the company learned that Alexander Sanders, a customer who owed $800, had moved and left no forwarding address. Electric Utilities concluded that no part of the debt was collectible. Prepare the general journal entry to write off the account Journal entry worksheet Record entry to write-off uncollectible account. Note: Enter debits before credits. Date General Journal Debit Credit Sep 10, 2019 Record...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the transactions in general journal form. If an amount box does not require an entry, leave it blank. Page: NA Collection of Account Written Off-Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form. If an amount box does not require an entry, leave it blank. 20-1 May 8 Wrote...
What is the journal entry to write off a customer's account under the direct write-off method?...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Under the direct write-off method, what journal entry is prepared when an account is determined to...
Under the direct write-off method, what journal entry is prepared when an account is determined to be worthless or uncollectible? O A. debit Accounts Receivable and credit Allowance for Uncollectible Accounts OB debit Uncollectible - Account Expense and credit Allowance for Uncollectible Accounts O C. debit Uncollectible - Account Expense and credit Accounts Receivable OD. debit Allowance for Uncollectible Accounts and credit Accounts Receivable
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable C. credit to Cash d. debits to Bad Debts Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose you company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss b. Loss of $1,000...
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is increased for the actual amount of bad debt at the b. a specific account receivable is decreased for the actual amount of bad debt at c. balance sheet relationships are emphasized. time of write-off the time of write-off. d. bad debt expense is always recorded in the period in which the revenue was recorded. Which of the following should not be included in the...
Wacks Company uses the direct write-off method to account for uncollectible receivables. On September 18, Wacks...
Wacks Company uses the direct write-off method to account for uncollectible receivables. On September 18, Wacks wrote of a 56,200 account receivable from customer W. Jada. On October 24, Wacks unexpectedly received full payment from Jada on the previously written off account 7. Journalize Wacks's write-off on the uncollectible receivable 8. Journalize Wacks's collection of the previously written off receivable, 7. Journalize Wacks's write-off on the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line...
why not b？ Under the direct write-off method, what adjustment is made at the time an...
why not b？
Under the direct write-off method, what adjustment is made at the time an actual bad debt occurs? 6. A. Debit bad debt expense, credit the allowance for uncollectible accounts B. Debit the allowance for uncollectible accounts, credit accounts receivable C. Debit bad debt expense, credit accounts receivable 4 D. Debit the allowance for uncollectible accounts, credit bad debt expense E. No adjustment is made
Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is recorded a.when...
Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is recorded a.when a credit sale is past due b.whenever a predetermined amount of credit sales has been made c.at the end of each accounting period d.when an account is determined to be worthless
Electric Utilities Services Company uses the direct charge off method to record uncollectible accounts. On September 10, 2019, the company learned that Alexander Sanders, a customer who owed $800, had moved and left no forwarding address. Electric Utilities concluded that no part of the debt was collectible. Prepare the general journal entry to write off the account Journal entry worksheet Record entry to write-off uncollectible account. Note: Enter debits before credits. Date General Journal Debit Credit Sep 10, 2019 Record...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the transactions in general journal form. If an amount box does not require an entry, leave it blank. Page: NA Collection of Account Written Off-Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form. If an amount box does not require an entry, leave it blank. 20-1 May 8 Wrote...
What is the journal entry to write off a customer's account under the direct write-off method? O No entry is required. O Debit Cash; credit Accounts Receivable/customer name. Debit Bad Debt Expense; credit Allowance for Uncollectible Accounts Debit Bad Debt Expense; credit Accounts Receivable/customer name.
Under the direct write-off method, what journal entry is prepared when an account is determined to be worthless or uncollectible? O A. debit Accounts Receivable and credit Allowance for Uncollectible Accounts OB debit Uncollectible - Account Expense and credit Allowance for Uncollectible Accounts O C. debit Uncollectible - Account Expense and credit Accounts Receivable OD. debit Allowance for Uncollectible Accounts and credit Accounts Receivable
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable C. credit to Cash d. debits to Bad Debts Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose you company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss b. Loss of $1,000...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
. Under the direct write-off method of accounting for uncollectible accounts a. the allowance account is increased for the actual amount of bad debt at the b. a specific account receivable is decreased for the actual amount of bad debt at c. balance sheet relationships are emphasized. time of write-off the time of write-off. d. bad debt expense is always recorded in the period in which the revenue was recorded. Which of the following should not be included in the...
Wacks Company uses the direct write-off method to account for uncollectible receivables. On September 18, Wacks wrote of a 56,200 account receivable from customer W. Jada. On October 24, Wacks unexpectedly received full payment from Jada on the previously written off account 7. Journalize Wacks's write-off on the uncollectible receivable 8. Journalize Wacks's collection of the previously written off receivable, 7. Journalize Wacks's write-off on the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line...
why not b？
Under the direct write-off method, what adjustment is made at the time an actual bad debt occurs? 6. A. Debit bad debt expense, credit the allowance for uncollectible accounts B. Debit the allowance for uncollectible accounts, credit accounts receivable C. Debit bad debt expense, credit accounts receivable 4 D. Debit the allowance for uncollectible accounts, credit bad debt expense E. No adjustment is made
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