Under the accrual method of accounting, the allowance method is generally required for financial reporting purposes.
32) When it is possible to make a reasonable estimate of uncollectible accounts, the allowance method is preferred for financial reporting purposes.
33) Bad Debts Expense is recorded in the year the sale was earned when using the income statement allowance approach.
34) When the estimate for uncollectible accounts is made, the accounts that will be uncollectible are not known for sure.
35) The income statement approach estimates a percentage of accounts receivable that is uncollectible.
36) The balance sheet approach estimates a percentage of sales that is uncollectible.
37) The Aging of Accounts Receivable is part of the income statement method.
38) On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net credit sales for the year were $515,000. The Allowance for Doubtful Accounts has a credit balance of $870. Journalize the recording of the bad debt expense under the income statement approach if 1% of net credit sales is deemed uncollectible.
39) On December 31, 2010, Paint Pros had a balance in Accounts Receivable of $22,300. Net credit sales for the year were $515,000. The Allowance for Doubtful Accounts has a debit balance of $615. Journalize the recording of the bad debt expense under the income statement approach if 0.8% of net credit sales is deemed uncollectible.
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