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Explain how to compare net realizable value

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Reference no: EM133066024

Questions -

1. What method of accounting for uncollectible accounts is generally required for financial reporting purposes?

2. Describe the steps to follow when using the allowance method to account for uncollectible accounts.

3. Explain how to compare net realizable value.

4. Describe the process followed when estimating uncollectible accounts under the percentage of sales method.

5. Describe the process followed when estimating uncollectible accounts under the percentage (aging) of receivables method.

6. How does the balance in Allowance for Bad Debts before adjustment effect the amount of the year-end adjustment under the percentage of sales method? Under the percentage of receivables method?

7. Under the allowance method, what impact does the write-off of a customer's account have on the financial statements?

8. Under the allowance method, what journal entries are made if an account is collected that was previously written off?

9. Describe the accounting procedures when using the direct write-off method to account for uncollectible accounts.

10. What are three disadvantages of using the direct write-off method?

Reference no: EM133066024

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