Answer the following statements true (T) or false (F)
1) After a company has written off an account, the company continues to attempt to collect on the receivable.
2) Under the allowance method, if a customer makes payment on a receivable that has already been written off, the company needs to reverse the write-off to the Allowance for Bad Debts account.
3) If a customer makes payment on a receivable that has already been written off, the receivable account is reestablished.
4) When using the allowance method, the receipt of a payment on receivables that have been written-off requires an entry to reverse the write-off to the Allowance for Bad Debts account and an entry to record the receipt of cash.
1) FALSE - After a company has written off an account, the company stops attempting to collect on the receivable.
2) TRUE
3) TRUE
4) TRUE
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