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If the allowance method of accounting for uncollectible receivables is used what general ledger account is credited to write off a customer's account as uncollectible?
Wiki User
∙ 11y ago
Allowance for Doubtful Accounts
Wiki User
∙ 11y ago
Betsaida Rodriguez
True
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What are accounts recievables?
Accounts receivables relates to credit customers (debtors). Although somebody in the accounts receivables department will probably deal with anything relating to sales through to debt collection.
What is trade accounts receivable?
Trade receivables are amounts billed by a business to its customers when it delivers goods or services to them in the ordinary course of business.
Do account receivable need to plus with net income to get net account receivable?
No, Accounts Receivable is not added to net anything. Net income is the "net" amount of all income. Accounts receivable is not considered "INCOME" until it is actually "received". Net income is something you've already received, not something you will receive in the future (as is accounts receivable).Net Receivables is defined as: The total money owed to a company by its customers, minus the money owed that will likely never be paid. Net receivables are often expressed as a percentage; the higher the percentage, the more money a company is able to collect from its customers and the better off the company is.Read more: http://www.investopedia.com/terms/n/netreceivables.asp#ixzz1tv4KQSMLThe Equation is Account Receivables - Allowance for Bad Debts
Importance of accounting information to government?
shareholders,creditors,suppliers,managers,investors,public and customers need accounting information for?
On the bank's accounting records customers' accounts are normally shown as?
Liability
What are accounts recievables?
Accounts receivables relates to credit customers (debtors). Although somebody in the accounts receivables department will probably deal with anything relating to sales through to debt collection.
What is the purpose of an accounts receivable system?
Accounts receivables relates to credit customers. Sales on credit will go through receivables as well as any credit notes and payments for those sales.
What is trade accounts receivable?
Trade receivables are amounts billed by a business to its customers when it delivers goods or services to them in the ordinary course of business.
The appearance of Allowance for doubtful accounts on a financial statement indicates what basis of accounting?
From my understanding, the use of ADA is a sign of accrual basis accounting. Accrual Accounting records all transactions as they are made, even when cash is not collected or paid out. ADA is used for customers who have purchased on credit and what the company can reasonably expect to be noncollectable.In cash basis accounting, you would not need ADA because there are no "credit" sales recorded. All sales recorded or recorded only when cash is received.
Do account receivable need to plus with net income to get net account receivable?
No, Accounts Receivable is not added to net anything. Net income is the "net" amount of all income. Accounts receivable is not considered "INCOME" until it is actually "received". Net income is something you've already received, not something you will receive in the future (as is accounts receivable).Net Receivables is defined as: The total money owed to a company by its customers, minus the money owed that will likely never be paid. Net receivables are often expressed as a percentage; the higher the percentage, the more money a company is able to collect from its customers and the better off the company is.Read more: http://www.investopedia.com/terms/n/netreceivables.asp#ixzz1tv4KQSMLThe Equation is Account Receivables - Allowance for Bad Debts
Importance of accounting information to government?
shareholders,creditors,suppliers,managers,investors,public and customers need accounting information for?
What is job order accounting?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
On the bank's accounting records customers' accounts are normally shown as?
Liability
Is accounts receivables net sales?
No, it is not. Accounts receivable is the total balance owed to the company by its customers. Net sales is the total value of sales made to customers during a period of time, excluding any returns and discounts.
Where can one find accounting practices for sale?
Accounting practices are not for sale, as then they would be of no use to customers. What is for sale are books on accounting practices. These can be found at Amazon, Waterstones and all good book retailers.
Where do you put billed customers for fees earned on accounting equation?
Accounts Receivable and Capital
What is the purpose of public sector accounting?
The purpose of a public sector is to give service to the customers
