Which of the following will affect net income? O O Writing off an Account Receivable. Estimating bad debts at the end of the year Re-establishing and collection of an account that was previously written off. O All of the above transactions will affect net income.
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- Each time an account is written off under the direct write-off method, Bad Debt Expense is debited.Which of the following estimation methods considers the amount of time past due when computing bad debt? A. balance sheet method B. direct write-off method C. income statement method D. balance sheet aging of receivables methodAlso, What would be the Net Realizable Value of Harris Company’s Accounts Receivable at year end after the adjusting entry for bad debts has been recorded?
- Which one of the following statements concerning bad debt expenses is correct? Select one: a. When you write off an accounts receivable, you debit bad debt expense and credit accounts receivable. b. You record bad debt expense when individual accounts receivable becomes uncollectible. c. Under the percentage of receivables method, bad debt expense is the year-end receivables multiplied by the % of uncollectible accounts. d. When the allowance method is used, bad debt expense is recorded before the accounts are written off.on 3 ts) Based on our discussions, why was the Allowance for Bad Debt created? O To record the amount of accounts receivable written off during the period. O To record the net amount of accounts receivable that will be paid. To record the amount of accounts receivable that will most likely never be paid. O To record the net sales amount from the last period that will probably never be paid.Which of the following methods of estimating bad debts expense considers the length of time past due for the outstanding accounts: a. Percentage of sales method b. Percent of accounts receivable method c. Aging of investments method d. Aging of accounts receivable method
- 1. How much should be reported as bad debts expense for the year ended December 31, 2020? 2. What is the net realizable value of the Accounts receivables on December 31, 2020?1. What is the adjusting entry for the doubtful accounts expense for the current year? 2. What is the net realizable value of accounts receivable at year-end? Please include solutions with the answers. Thank you!True or False. Under the allowance method, when a company records bad debt expense at the end of the year, it causes the Net Realizable Value of their accounts receivable to increase. Select one: True False
- 2.Which of the following statements is valid? a. Net accounts receivable is not affected by a recovery of an account previously written off. b. A three year, non-interest bearing promissory note is initially recorded in the accounts at its face value. c. When individual customers' accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers' accounts in the statement of financial position. d. When the rate stated on a note is greater than the prevailing market rate of interest for similar obligations, the present value of the note at initial recognition is greater than its face value.What would signify the net amount that a business foresees to receive when the allowance method of accounting is used for bad debts that involve estimating collectible accounts?When using the allowance method for accounting for bad debts, accounts receivable is reported on the balance sheet at the expected net realizable value. When a particular receivable from a customer ultimately is determined to be uncollectible and is written off, the recording of this event will Group of answer choices A)decrease the net realizable value of the accounts receivable. B)have an effect that is not determinable from the information given. C)increase the net realizable value of the accounts receivable. D)decrease total current assets. e)None of the above
