LMN Co.
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9. The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be as follows: ________.
debit Allowance for Doubtful Accounts; credit Accounts Receivable
debit Sales Returns and Allowance, credit Accounts Receivable
debit Uncollectible Accounts Expense; credit Allowance for Doubtful Accounts
debit Accounts Receivable, credit Uncollectible Accounts Expense
debit Uncollectible Accounts Expense; credit Accounts Receivable
10. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net realizable value of the accounts receivable?
$25,000
$425,000
$450,000
$455,000
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This solution is comprised of a detailed explanation to write the entry to write off an account that has been determined to be uncollectible and answer what is the net realizable value of the accounts receivable.
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9. The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be as follows: ________.
debit Allowance for Doubtful Accounts; ...
Purchase this Solution
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