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Oct 29, 2018 1. Under the allowance method, writing off invoice #5678 for $730 as uncollectible a. )affects only balance sheet accounts.. affects both balance sheet and income statement accounts c. affects only income statement accounts. d. affects only the statement of cash flows. e. is not acceptable under GAAP 2. Your analysis of a company's accounts receivable aging leads you to estimate $4,000 will be uncollectible. If the Allowance for Doubtful Accounts has a $1,200 credit balance, your adjusting entry will include a a. debit to Bad Debts Expense for $4,000. b. debit to Allowance for Doubtful Accounts for $2,800. c.debit to Bad Debts Expense for $2,800 credit to Accounts Receivable for $4,000. credit to Bad Debts Expense for $5,200. e. 3. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $25,000. If the balance of the Allowance for Doubtful Accounts is $8,000 debit before adjustment, what will it be after adjustment? a$25,000 d. $17,000 e. Cannot be determined from the information given. $8,000 c. $33,000 4. The goal of a company's credit policy (deciding to whom to sell on account) should be to a. eliminate bad debt expense. b. minimize bad debt expense. c. maximize sales. d. maximize net profit. e. maximize customer goodwill. 5. A debit balance in the Allowance for Doubtful Accounts a. is the normal balance for that account. b. indicates that the company's credit policy is too restrictive (too tough). c. indicates that actual bad debt write-offs were less than was estimated. d. can't occur if the percentage of receivables method of estimating bad debts is used. e. shows the company cannot be using the Direct Write-Off method. Under the allowance method of accounting for bad debts, why must uncollectible accounts receivable be estimated at the end of the accounting period? 6. a. Because it's too hard to make an accurate estimate in the middle of an accounting period. b. To match bad debt expense into the same period the revenues were recognized. C. To allow the collection department to schedule work for the next accounting period. d. So any customers that have been identified as uncollectable during the period can be written off. Because IRS rules require it. e