at position 18 18 Multiple Choice 1 point Question at position 18 Under the allowance method, writing off an uncollectible account will increase profit. will decrease profit. will have no effect on total assets reported on the balance sheet. will increase and decrease profit. Question at position 19 19 Multiple Choice 1 point Question at position 19 The net amount reported on the balance sheet for accounts receivable is generally referred to as the carrying amount. book value. fair value. cash-equivalent value. Question at position 20 20 Multiple Choice 1 point Question at position 20 If a company fails to record estimated bad debt expense, accounts receivable are understated. expenses are understated. revenues are understated. liabilities are understated. Question at position 21 21 Multiple Choice 1 point Question at position 21 If a company fails to record estimated bad debt expense, profit will be understated. profit will be overstated. there will be no effect on profit. receivables will be understated. Question at position 22 22 Multiple Choice 1 point Question at position 22 At December 31, 2021, Equipment Ltd. has gross accounts receivable of $ 127,000. There is a $ 10,000 credit balance in the allowance for doubtful accounts. Management estimates bad debts to be 15% of accounts receivable. The company's bad debt expense for 2021 is $ 10,000. $ 9,050. $ 2,160