The direct write-off method is acceptable for financial reporting purposes. debits Allowance for Doubtful Accounts to record write-offs of accounts. shows only actual losses from uncollectible accounts receivable. estimates bad debt losses. Which of the following is not true regarding a promissory note? Promissory notes may not be transferred to another party by endorsement. Promissory notes may be sold to another party Promissory notes give a stronger legal claim to the holder than accounts receivable. Promissory notes may be bearer notes and not specifically identify the payee by name. When the allowance method of accounting for uncollectible accounts is used, Bad Debt Expense is recorded in the year after the credit sale is made. in the same year as the credit sale. as each credit sale is made. when an account is written off as uncollectible. In reviewing the accounts receivable, the cash realizable value is $14,000 before the write-off of a $1,800 account. What is the cash realizable value after the write-off? $1,800 $12,200 $14,000 $15,800 The average collection period is computed by dividing net credit sales by average gross accounts receivable. net credit sales by ending gross accounts receivable. the accounts receivable turnover by 365 days. 365 days by the accounts receivable turnover Which of the following would be considered as an unlikely occurrence? Manufacturer offers a cash discount to a wholesaler. Wholesaler offers a cash discount to a retailer. Retailer offers a cash discount to a customer. All of these are standard practices.
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