Uptown, Inc. has determined that an account receivable of $125 is uncollectible. The company uses the direct write-off method. Which of the following entries is required to record the write-off?OA. Accounts ReceivableBad Debts ExpenseOB. Allowance for Bad DebtsAccounts ReceivableOC. CashAccounts ReceivableOD. Bad Debts ExpenseAccounts Receivable125125125125• 125125125125

Entry to record the write-off using the direct write-off method: Dr. Bad debt expense account with…

Answered: Uptown, Inc. has determined that an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account. Before this entry was made, the balance in accounts receivable was $100100 and the balance in the allowance account was $9100 (credit balance). The net realizable value of accounts receivable before and after the write-off entry was O$100100. Ⓒ$99100. O $82900 O $91000
Please give answer of this question
What is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
Bidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 1,200 debit balance, the company should record a: Select one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. Od. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
None
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
Submit it in excel form P9.2
Subject: acounting
("write off") las cuentas incobrables de $3,500? (Under the estimated bad debts method of recording bad debts, which of the following entries, if any, would be made to write off actual uncollectible accounts of $3,500?) 3,500 a. Allowance for Doubtful Accounts Accounts Receivable 3,500 b. Bad Debt Expense 3,500 Allowance for Doubtful Accounts 3,500 c. Bad Debt Expense 3,500 Accounts Receivable 3,500 d. no entry is needed
Give Answer with Explanation
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Direct Write Off Method Allowance Method Bad debt expense $500 Allowance for doubtful accounts $500 Accounts Receivable $500 Accounts Receivable $500

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