To directly write off an account would require a debit to
A) Allowance for Doubtful Accounts
B) Accounts Receivable
C) Bad Debts Expense
12) To record receipt of money after an account has been written off using the direct method, you would need to
A) record the receipt of cash
B) reopen the customer's account receivable
C) credit Bad Debts Recovered
D) All of the above
13) Under the direct write-off method, the Bad Debts Expense account is recognized
A) at the end of each accounting period.
B) at the end of each month.
C) when a customer's account is declared to be uncollectible
D) within one year of granting credit to a customer.
14) The direct write-off method
A) will recognize bad debts expense only when the account is declared uncollectible.
B) is based on aging accounts receivable.
C) involves calculating Allowance for Doubtful Accounts.
D) follows the matching principle in accrual accounting.
15) The direct write-off method does not estimate Bad Debts Expense but writes off accounts that are determined to be uncollectible.
16) The direct write-off method is not acceptable under Canadian tax law.
17) When an accounts receivable is written off as uncollectible, it decreases the Bad Debts expense.
18) RKI Motors uses the direct write-off method in accounting for uncollectible accounts.
Record the following transactions in general journal form.
May 28 Sold merchandise on account to North End Motors for $11,000.
Jul 11 Received $7,500 from North End Motors on their account.
Jul 30 Wrote off the balance due as uncollectible.
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