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Summary QuestionThe two methods of accounting for uncollectible receivables are the O direct me
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The two methods of accounting for uncollectible receivables are the O direct method and the indQuestionThe two methods of accounting for uncollectible receivables are the O direct method and the indirect method O percent of sales method and the analysis of receivables method cash method and t...

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  • October 13, 2024
  • 2
  • 2024/2025
  • Summary

Subjects

  • industry averages
  • the two methods of accounting for uncollectible re
  • which is a contra asset account that reduces the
  • or other relevant factorsothis approach adheres

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Question


The two methods of accounting for uncollectible receivables are the O direct

method and the indirect method O percent of sales method and the analysis of

receivables method cash method and the accrual method O allowance method

and the direct write-off method




Answer & Explanation


The two methods of accounting for uncollectible receivables are the allowance

method and the direct write-off method.


Explanation:


1. Allowance Method:


o This method involves estimating uncollectible accounts at the end

of each period.


o A company will create an allowance for doubtful accounts, which

is a contra-asset account that reduces the total accounts receivable

to reflect only those amounts expected to be collected.

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