1- Choose a company from the US market-(If you wish you can choose the

On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the direct write-off method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? Mutiple Choice   Decrease in net income; no effect on total assets.    No effect on net income; no effect on total assets.   Decrease in net income; decrease in total assets.   Increase in net income; no effect on total assets.   No effect on net income; decrease in total assets

Please explain the solution to this general accounting problem using the correct accounting principles.

If a company uses the direct write-off method of accounting for bad debts,a. it will report accounts receivable on the balance sheet at their net realizable value.b. it is applying the matching principle.c. it will reduce the Accounts Receivable account at the end of the accounting period for estimated uncollectible accounts.d. it will record bad debt expense only when an account is determined to be uncollectible.

Zach Allen is the accountant for a large retail company. It is now the end of the accounting period and time to prepare financial statements. Zach has requested that the company's sales manager give him an estimate of uncollectible credit sales for the period. Zach says that he needs this information so that he can record bad debt expense. The sales manager tells Zach to "not worry about it. You can just record the expense as the accounts become uncollectible." Comment on this situation and who you think is right. Do you see any problem with the "wait and record approach"?

Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Which accounts would be creditied on sept 21?

Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Is the customer entitled to a discount?

I need help with this general accounting question using the proper accounting approach.

Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts.

Which of the following will affect net income? O O Writing off an Account Receivable. Estimating bad debts at the end of the year Re-establishing and collection of an account that was previously written off. O All of the above transactions will affect net income.

On December 1, Anson's Drug Store concluded that a customer's $325 account receivable was uncollected and that the account should be written off. What effect will this write-off have on the company's net income and balance sheet totals assuming the direct write-off method is used to account for bad debts? a. decrease in net income; decrease in total assets b. no effect on net income; no effect on total assets c. increase in net income; no effect on total assets d. no effect on net income; decrease in total assets

Discuss the different methods available to account for bad debts. Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method (-

Match the terms with the definitions.

Can you help me solve this general accounting problem using the correct accounting process?

On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? Multiple Choice No effect on net income; no effect on total assets. Decrease in net income; no effect on total assets. Decrease in net income; decrease in total assets. No effect on net income; decrease in total assets.

Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. What accounts would be debited on Sept 21?

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.