Question and answer
The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based
on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.
Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
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User: The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.

Weegy: Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
cham718|Points 110|

User: The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.

Weegy: Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
cham718|Points 110|

User: Which of the following statements is not correct? (Points : 5) The use of the direct charge-off method of recording losses from uncollectible accounts usually results in the balance in the Accounts Receivable account being overstated. The direct charge-off method of recording losses from uncollectible accounts is the method required by Federal income tax laws. The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle. All of these statements are correct.

Weegy: The answer is "The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle. "
Expert answered|bongche|Points 2735|

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Asked 7/27/2012 8:04:26 PM
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The method that must be used to record bad debt losses for tax purposes is the User: The balance of the Allowance for Doubtful Accounts account is reported as (Points : 5) a liability on the balance sheet. a deduction from Sales on the income statement. a deduction from Accounts Receivable on the balance sheet. an expense on the income statement. User: a deduction from Accounts Receivable on the balance sheet is reported for what User: An existing balance in ...
Weegy: An existing balance in Allowance for Doubtful Accounts is not considered when the estimate of loss is based on a percent of total sales. User: On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An aging analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for (Points : 5) $200. $800. $1,000. $1,200. Weegy: The answer is $3,000. User: A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for (Points : 5) $1,200. $1,500. $1,800. $3,000. Weegy: The answer is $1,500 (More)
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Asked 7/27/2012 7:45:31 PM
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