The revenue account is not affected when a credit sale is made. A. True B. False
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- The Allowance for Doubtful Accounts account is a contra asset account to Accounts Receivable. True O False 4The direct write-off method records bad debt expense when an account is determined to be uncollectible. OTrue FalseTRUE OR FALSE?Allowance for doubtful accounts will never have a debit balance.
- when the company sold goods on account the A/P will be in the debit side True FalseThe difference between accounts receivable and allowance for doubtful accounts is O a. the bad debt expense O b. the net realizable value of accounts receivable O c. the accounts receivable turnover O d. none of these choicestrue or false Expense Accounts normally have a credit balance
- The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. OverstatedThe allowance for doubtful is not: a. credited when bad debts expense is estimated and recorded b. a liability account c. used instead of reducing accounts receivable directly d. a contra asset account e. debited when uncollectible accounts are written offUnearned Service Revenues are revenues with Credit as a normal balance O True O False