Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false for a company that uses the allowance method to account for uncollectible accounts.
1. The entry to recognize uncollectible accounts expense does not affect the net realizable value of accounts receivable
2. The write-off of an uncollectible account does not affect the net realizable value of accounts receivable
3. The net realizable value of receivables is the difference between the balance of Accounts Receivable and the balance in the Allowance for Doubtful Accounts
4. The write-off of an uncollectible account does not affect total equity
5. The Allowance for Doubtful Accounts is an expense account