Ask Question
BusinessBusiness
16 July, 11:15

When the allowance method of accounting for uncollectible accounts is used, then

+2
Answers (1)
  1. 16 July, 12:35
    0
    Bad debt expense is recorded in the same year as the credit sale.

    Explanation:

    Allowance method is generally refer to one of the ways for reporting the uncollectible or bad debt expense which results from a company selling the goods on credit.

    This method is used for the process or procedure of uncollectible accounts receivable that records the estimate of the bad debt expense in the same accounting year to which is belongs as the sale. This method is used for adjust the accounts receivable appears on the balance sheet of the company.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “When the allowance method of accounting for uncollectible accounts is used, then ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Aquaguard manufactures three models of water purifiers in three separate plants at Taiwan. These plants serve the demand in Europe. All three models sell at a unit price of $100 and the holding cost is 5% of the selling price per month.
Answers (1)
Has someone ever repeatedly asked for your phone number and refused to take "no" for an answer? Now when that individual asks for your phone number, you can give this bothersome person the number for the Rejection Hotline, which will explain that
Answers (1)
West County Bank agrees to lend the Block Builders Company $100,000 on January 1. Block Builders Company signs a $100,000, 6%, 6-month note. The entry made by Block Builders Company on January 1 to record the proceeds and issuance of the note is a.
Answers (1)
The healthcare home medicaid website will publish data that will enable consumers to compare the quality of long-term facilities' care. there will be links to state website, summary of complaints of facilities, and any criminal violations
Answers (1)
The open items on your computer are displayed where
Answers (1)
New Questions in Business
Camilo's property, with an adjusted basis of $155,000, is condemned by the state. Camilo receives property with a fair market value of $180,000 as compensation for the property taken. a. What is Camilo's realized and recognized gain? b.
Answers (1)
A decrease in resource prices will increase the incentive of users to purchase the resource. suppliers to provide more of the resource. firms to find and develop substitutes for the resource.
Answers (1)
Garden Company purchased merchandise on account from Parker Company for $88,000 with terms 1/15, net 45. Garden Company returned $12,000 of the merchandise and received full credit from Parker Company.
Answers (1)
Money is a productive asset. Its opportunity cost is: A) The time value of money. B) Valuation. C) Inflation. D) Replacement cost. E) Depreciation.
Answers (1)
What term refers to selling goods in a foreign market at a price that is far below the cost of production? A. profiteering B. screening C. offloading D. dumping
Answers (2)
Home » Business » When the allowance method of accounting for uncollectible accounts is used, then
Sign Up Forgot Password?