Multiple Choice
The normal balance of the account "Allowance for Uncollectible Accounts" is a _______ because _______.
A) Debit;it is a contra account to Revenue (a credit account)
B) Credit;it is a contra account to Accounts Receivable (a debit account)
C) Debit;it is an expense in the income statement
Correct Answer:
Verified
Correct Answer:
Verified
Q27: Accounts receivable are normally reported at the:<br>A)Present
Q28: What is the most likely reason for
Q29: The Sales Returns account is an expense
Q30: The method of estimating uncollectible accounts based
Q31: The direct write-off method involves recording an
Q33: Which of the following is recorded upon
Q34: Tom's Textiles shipped the wrong material to
Q35: The percentage-of-receivables method for estimating uncollectible accounts
Q36: Which of the following items are classified
Q37: A(n)_ receivable is an informal credit arrangement