You are watching: Which of the following statements is true of the direct write-off method?
Under the direct write-off method, the entrance to compose off one uncollectible account will encompass ________.
Under the direct write-off method, i beg your pardon of the complying with is consisted of in the entry to compose off an uncollectible account? a credit transaction to the customer"s Account receivable No entrance is make to compose off uncollectible accounts. A debit to pin money for Uncollectible account a credit transaction to the pin money for poor Debts
When a agency is making use of the direct write-off method, and also an account is written off, the journal entry consists of a ________.
On January 1, Davidson Services has actually the following balances:Accounts unification $21,000Bad Debts cost $0Davidson has actually the complying with transactions throughout January: credit transaction sales the $150,000, collection of credit transaction sales the $83,000, and also write-offs the $20,000. Davidson uses the straight write-off method. The lot of negative Debts expense for January is ________. Perform not round till the last answer. Then round to the nearest totality dollar.
Which of the adhering to statements is true of the direct write-off method? the is only suitable for small companies that have very couple of uncollectible receivables. It outcomes in much more accurate net revenue than any other method. The provides better matching of earnings with expenses. GAAP needs public companies to monitor the direct write-off method.
Which that the adhering to is a characteristics of a tree asset, such as a building? the is accessible for sale to customers in the ordinary course that business. It has actually a short helpful life. that will have actually a negligible value at the end of its helpful life. It is supplied in the to work of a business.
Danube Corp. Purchased a used maker for $21,000. The an equipment required installation costs of $6,000 and also insurance when in transit the $700. In ~ which that the following quantities would the maker be recorded?
A photocopier expense $95,000 when new and has collected depreciation the $90,000. If the business discards this plant asset, the result is ________.
An asset to be purchased because that $36,000 ~ above January 1, 2016. The asset"s estimated helpful life was five years, and also its residual worth was $4,000. The straight-line technique of depreciation to be used. Calculate the gain or lose if the heritage is offered for $18,000 ~ above December 31, 2016, the last day the the accountancy period.
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Corel Sales offered its old office furniture for $6,000. The original expense was $12,000, and at the moment of sale, built up depreciation to be $8,000. What is the impact of this transaction?
Prinkle coporation, group purchased tools for $56,000 on January 1, 2016. On December 31, 2018, the devices was sold for $23,000. Collected Depreciation together of December 31, 2018 was $32,000.Calculate get or lose on the sale.