What does the current portion of long term debt represent? In periods of rising prices, which inventory method (LIFO or FIFO) will provide you with a higher net income? Record the journal entry to write off $4,000 of receivables that were deemed uncollectible assume that $500 of the receivables written off in were subsequently collected record the journal entry to record the collection of the $500. What does a deferred tax liability represent? What does a deferred tax asset represent?