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What is the journal entry to write off a customer account due to bankruptcy?
Debit bad debtsCredit accounts receivable
What is A customer's account is deemed to be uncollectible. Accounts receivable should be?
When a customer's account is deemed uncollectible, it should be written off from accounts receivable. This involves removing the amount owed from the balance sheet and recognizing it as a loss in the income statement. This process helps ensure that the financial statements accurately reflect the company's collectible assets. Additionally, it may trigger a review of credit policies and collection practices to prevent future occurrences.
If the amount of uncollectible account expense is understated at year end?
net Accounts Receivable will be overstated.
Which account shows the amount of accounts receivable that a company does not expect to collect?
Allowance for Uncollectible Accounts
What is the journal entery for the bad dabt account?
The journal entry for a bad debt account typically involves debiting the Bad Debt Expense and crediting the Accounts Receivable to remove the uncollectible amount. This entry reflects the adjustment for the amount deemed uncollectible from a customer.
When should the loss an uncollectible account receivable be recorded as an expense for accrual accounting purposes?
In the same period in which the sale on account occurs.
What needs to happen in account receivable when a customer pays their account?
When a customer pays their account, the account receivable department needs to put the amount of the payment into the computer. A receipt should also be sent to the customer.
What is the journal entry for collected on account 1200?
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
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?
Allowance for Doubtful Accounts
What is commonly used to determine if you should give customers account receivable account?
after a sale to an Account Receivable is miscreants is sent to the customer?
What is commonly used to determine if you should give customers an Account receivable Account?
after a sale to an Account Receivable is miscreants is sent to the customer?
What is a sale to an account receivable customer is made?
After a sale to an A/R Customer is made
