On February 1, a customer's account balance of $2,600 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Allowance for Doubtful Accounts $2,600; credit Bad Debts Expense $2,600. O Debit Accounts Receivable $2,600; credit Allowance for Doubtful Accounts $2,600. O Debit Bad Debts Expense $2,600; credit Accounts Receivable $2,600. O Debit Allowance for Doubtful Accounts $2,600; credit Accounts Receivable $2,600. O Debit Bad Debts Expense $2,600; credit Allowance for Doubtful Accounts $2,600.

Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.

13. On September 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on September I to record the write-off assuming the company uses the allowance method? a. Debit Bad Debts Expense $2.300; credit Accounts Receivable S2,300. b. Debit Allowance for Doubtful Accounts S2.300; credit Bad Debts Expense $2,300. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. 14. The direct write-off method a. Complies with the matching principle b. Is acceptable from a theoretical point of view c. Is only acceptable if bad debts are small, insignificant amounts d. Is the primary method used to recognize Bad Debt Expense 15. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would a. Increase net income b. Increase Allowance for Bad Debts c.…

Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. (a)  Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,920. Amount added: $ Ending balance: $_________ (b)  Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,012,000 for the year. Amount added: $ Ending balance: $_________

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1. Record the January 1 credit balance of $26,000 in a T account for Allowance for Doubtful Accounts. 2. Journalize the transactions. Post each entry that affects the following selected T ac- counts and determine the new balances: Allowance for Doubtful Accounts Bad Debt Expense 3. Determine the expected net realizable value of the accounts receivable as of December 31. bacing the provision for uncollectible accountsS on an

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Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Accounts Receivable–A. Hopkins 2,000 Allowance for Doubtful Accounts 2,000 Allowance for Doubtful Accounts 2,000 Bad debts expense 2,000 Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000 Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Allowance for Doubtful Accounts 2,000 Accounts Receivable-A. Hopkins 2,000 Cash 2,000 Accounts Receivable-A. Hopkins 2,000

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