Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the net realizable value of accounts receivable no

the net realizable value of accounts receivable not change when you write off an uncollectible account...

90.2K

Verified Solution

Question

Accounting

the net realizable value of accounts receivable not change whenyou write off an uncollectible account using allowance method.Explain in detail.

Answer & Explanation Solved by verified expert
4.4 Ratings (683 Votes)
Under Allowance Method Bad Debt expense is estimated at the end of accounting period thorough an adjusting entry The adjustment is made by debiting Bad Debt expense account and crediting Allowance for Uncollectible account Allowance for Uncollectible account is a contra asset account having a Credit balance This is presented in the Balance Sheet on Asset side as a deduction of Gross Accounts receivables Lets for example say    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

the net realizable value of accounts receivable not change whenyou write off an uncollectible account using allowance method.Explain in detail.

Other questions asked by students

Medical Sciences
1.2K views

Draw a concept map incorporating all of the following terms related to the innate immune response....

Accounting
1.2K views

What are some benchmarks that can be used in determining program effectiveness in the case of...

Physics
1.2K views

In the circuit shown the current in the 192 resistor is 6V 3 0 a...

Basic Math
1.2K views

Give all solutions of the nonlinear system of equations, including those with nonreal complex components.4x...

Statistics
1.2K views

The following table gives the average per kilowatt hour prices of electricity in a certain...

Accounting
1.2K views

Yeung, Kim and Chong are in a partnership sharing profits and losses in the ratio...

Accounting
1.2K views

basis calendar year. If the prior accounting firm, Bikini, CPAs, made a significant mistake...

Accounting
1.2K views

The trial balance show Stationery supplies of $2350. If $1200 worth of stationery is on...

Accounting
1.2K views

Last month 75,000 pounds of direct material were purchased, and 71,000 pounds were used. If...

Finance
1.2K views

Investors require an 8% rate of return on Mather Company's stock (i.e., rs = 8%)....

Accounting
1.2K views

Cash Receipt Systems Customers send checks and remittance advices by mail. Mail volume is typically...

Accounting
1.2K views

Break-Even Sales and Sales to Realize Income from Operations For the current year ended October...