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- . Which method of recording bad debt loss is consistent with accrual accounting? a. Allowance method b. Direct writeoff method c. Percent of sales method d. Percent of accounts receivable method - When the allowance method is used, the entry to record the writeoff of a specific account would Decrease both accounts receivable and the allowance b. Decrease accounts receivable and increase allowance Increase both accounts receivable and the allowance d. Increase accounts receivable and decrease the allowance 3. Under the allowance method, the journal entry to record the writeoff of a specific uncollectible account a. Affects neither net income nor working capital b. Affects neither net income nor accounts receivable c. Decreases both net income and working capital d. Decreases both net income and accounts receivable 4. Under the allowance method, the entries at the time of collection of an account previously written off would a. Decrease the allowance for doubtful accounts b. Increase net…Where will we record when there is a decrease in liability? a. Debit side b. Credit side c. None of the options d. NeutralWhen a Liability is reduced or decreased, it is recorded on the? a. Right or debit side of the account b. Right or credit side of the account c. Left or debit side of the account d. Left or credit side of the account
- FAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes PayableUnder the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets A6. Which method of estimating uncollectible accounts does not take the previous balance in the allowance account in to consideration? a. Percentage of account receivable method b. All the options c. Account receivable aging method d. Percentage of sales method
- The amount reported on the balance sheet for accounts receivable (gross accounts receivable minus the allowance for doubtful accounts) reflects the ONet realizable value. O Dollar amount per the invoice. O Cost of transportation to the buyer. O Gross profit.Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Accounts ReceivableWhich method of recording bad debt loss is consistent with accrual accounting? A. Allowance method B. direct write off method C. Percent of sales method D. Percent of accounts receivable method
- Which of the following is NOT a factor in the calculation of a FICO score? Total amount owed Amount of new credit utilized History of on-time payments Income levelExcess of Debit side over Credit side is called? Select one: a. All of the above b. Debit Balance c. Liability Accounts d. Credit BalanceEach time an account is written off under the direct write-off method, Bad Debt Expense is debited.