When is uncollectible accounts expense recognized if the direct write-off method is used?
104.How do the percent of revenue method and the percent of receivables method to estimate uncollectible accounts expense differ?
105.What is the effect on the accounting equation of writing off an uncollectible account receivable when the direct write-off method is used?
106.If Kane Company loans $6,000 to Bowen Company on March 1, 2013, and the one-year note carries an interest rate of 7%, how much interest revenue will Kane recognize in 2013? How much in 2014?
107.Valley Services Company loaned $12,000 on August 1, 2013 to an individual who issued Valley a promissory note with 6% interest. The issuer of the note repaid the principal and interest on July 30, 2014. How did the August 2013 event affect Valley's statement of cash flows? How did the July 2014 event affect it?
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