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Bizhelp
Bizhelp, CPA
Category: Multiple Problems
Satisfied Customers: 5884
Experience:  BA degree and Certified Public Accountant
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When The Allowance Method Of Recognizing Losses From

Resolved Question:

17) When the allowance method of recognizing losses from uncollectible accounts is used, the entry to record the write-off of a specific account consists of a debit to __________ and a credit to __________.
A. Uncollectible Accounts Expense; Accounts Receivable
B. Allowance for Doubtful Accounts; Accounts Receivable
C. Uncollectible Accounts Expense; Allowance for Doubtful Accounts
D. Accounts Receivable; Allowance for Doubtful Accounts

18) A firm using the allowance method to provide for losses from uncollectible accounts collected the cash due from a customer whose account was previously written off. The entry to reinstate the customer's account included a credit to:
A. Sales.
B. Accounts Receivable.
C. Uncollectible Accounts Expense.
D. Allowance for Doubtful Accounts.

19) A firm using the direct charge off method to provide for losses from uncollectible accounts collected the cash due from a customer whose account was previously written off in the same accounting period. The entry to reinstate the customer's account included a credit to:
A. Sales.
B. Accounts Receivable.
C. Uncollectible Accounts Expense.
D. Allowance for Doubtful Accounts.

20) Common internal controls for accounts receivable include:
A. sending invoices and monthly statements.
B. developing procedures that ensure that all credit sales are recorded and customers' account are debited.
C. authorizing charge-off of accounts.
D. All of these are common internal controls for accounts receivable.

Submitted: 4 years ago.
Category: Multiple Problems
Expert:  Bizhelp replied 4 years ago.

Hi,

17. B. Allowance for Doubtful Accounts; Accounts Receivable
18. D. Allowance for Doubtful Accounts.
19. C. Uncollectible Accounts Expense.
20. D. All of these are common internal controls for accounts receivable.

Hope this helps!

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