Explain the entries that are made to record payment

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Reference no: EM133474270

Collection of Write-Offs

There are two methods for writing off uncollectible accounts which include the direct write-off method and allowance method.

Question 1: Which method is most commonly utilized and what is the process for writing these accounts off under each method?

Question 2: Explain the entries that are made to record payment of an account that has previously been written-off?

Reference no: EM133474270

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