Which of the following general journal entries would be used to recognize $7,500 of uncollectible accounts expense under the direct write-off method?
A.
Uncollectible accounts expenses | 7,500 | |
Accounts receivable | 7,500 |
B.
Uncollectible accounts expenses | 7,500 | |
Allowance for doubtful accounts | 7,500 |
C.
Allowance for doubtful accounts | 7,500 | |
Uncollectible accounts expenses | 7,500 |
D.
Accounts receivable | 7,500 | |
Uncollectible accounts expenses | 7,500 |
Answer: A
You might also like to view...
When an auditor selects a sample of items from the vouchers payable register for the last month of the period under audit and traces these items to underlying documents, the auditor is gathering evidence primarily in support of the assertion that:
A. cash disbursements were recorded as incurred obligations. B. incurred obligations were recorded in the correct period. C. recorded obligations were paid. D. recorded obligations were valid.
A Group Decision Support System is a
a. software package used for group meetings and allows multilingual communication. b. management program for distribution control. c. pocket translator. d. probability package used by managers to determine the best possible decision alternative.
If a corporation receives assets other than cash in exchange for stock, it records the assets received at their market value.
Answer the following statement true (T) or false (F)
Reserve requirements that force banks to keep a certain fraction of their deposits as reserves and restrictions on the interest rates that can be paid on deposits have been the major forces behind financial innovation
Indicate whether the statement is true or false