Method of accounting for uncollectible receivables

Assignment Help Accounting Basics
Reference no: EM13144233

If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?

a. Uncollectible Accounts Expense

b. Accounts Receivable

c. Allowance for Doubtful Accounts

d. Interest Expense

Reference no: EM13144233

Questions Cloud

Cognitive psychology : Analyze the role of language processing in cognitive psychology
Explain factors that should be considered when applying : Explain factors that should be considered when applying the conventional concept of depreciation to the determination of how the value of a newly acquired computer system should be assigned to expense for financial reporting purposes.
Explain mixed with the sulphuric acid : A white precipitate formed when the barium hydroxide solution was mixed with the sulphuric acid. *Mass of filter paper=0.96g *Mass of filter paper and precipitate=5.25g
Determining firm times interest earned ratio : In the past year, TVG had revenues of $3 million, cost of goods sold of $2.5 million, and depreciation expense of $200,000. What is the firm's times interest earned ratio?
Method of accounting for uncollectible receivables : If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
What was annual amount of depreciation for the years : Equipment acquired on January 3, 2005, at a cost of $147,500, has an estimated useful life of eight years and an estimated residual value of $17,500. What was annual amount of depreciation for the years 2005, 2006, and 2007, using the straight-li..
Calculate the heat given off : Calculate the heat given off when 177 g of copper cools from 155.0 Celsius to 23.0 Celsius. The specific heat capacity of copper is .385 J/g C
Depict the neutralization reaction : Write the neutralization reaction, balance it, name the products THEN Solve the problem above.
What is the molar mass of the gas in grams/mole : When 0.78 g of an unknown gas in contained solely in a 560 mL container, the pressure is 780 Torr at 5 degrees Celcius. What is the molar mass of the gas in grams/mole?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem of a distributor of imported foods and spices

As an information-literate knowledge worker for a local distributor of imported foods and spices, you've been asked to prepare a customer mailing list that will be sold to international cuisine restaurants in your area.

  What accounting standard provides the authoritative guidance

What accounting standard provides the authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transaction to which the standard applies).

  What is the rationale for how abc should account

During a company's start-up or expansion a wide variety of costs and expenses are incurred that are directly associated with beginning the specific operation. For instance, ABC Company has expanded into another country and has constructed new faci..

  Developer of radiology equipment-stock outstanding

Electro-Rad Inc., a developer of radiology equipment, has stock outstanding as follows: 50,000 shares of 2%, preferred stock of $50 par, and 100,000 shares of $25 par common. During its first four years of operations, the following amounts were di..

  Examine the concept of financial risk

Examine the concept of financial risk by answering the following questions: (a) How does the risk of a portfolio change as the number of assets in the portfolio increases?

  Calculate the issue price of the bonds

On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.

  Journal entries for preferred and common stocks

Common and preferred stock? issuances and dividends. Flameco Corp. was incorporated on January 1, 2003, and issued the following stock, for cash:

  Investment gains and losses

Discuss how we account for investment gains and losses. Is there any controversy here? What is it and why?

  Implementing the standard

When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required.

  Marketing and administrative expenses

Gilbert expects to receive 70% of his revenues in cash during the month of sale and 30% in the following month. Gilbert receives his dolls on consignment, with the purchase price being due at the time of the sale. Thus, Gilbert's cash outflow for ..

  Problem of earnings per share of common stock

Hill Corp. had 600,000 shares of common stock outstanding on January 1, issued 900,000 shares on July 1, and had income applicable to common stock of $1,050,000 for the year ending December 31, 2010. Earnings per share of common stock for 2010 woul..

  Present cost of the investment

The value of an investment that is calculated discounting future cash flows from the investment at an interest rate that gives a satisfactory return on investment and then subtracting the present cost of the present cost of the investment is known..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd