Question: what is the effect on the accounting equation when a company collects an account receivable

what is the effect on the accounting equation when a company collects an account receivable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

AC211DE_19S1 MODULE Other receivables represents the amount ________. A) customers owe for goods or services previously delivered B) collected in advance of performing the services C) lent to others...

Q:

The balance sheet account used to report the amount of accounts receivable that a company does not expect to collect is called ________. A) net accounts receivable B) allowance for uncollectible...

Q:

Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How...

Q:

Use the following information from Hormel Foods Corporations income statement to calculate the companys 2012 profit margin on sales ratio. (in thousands) Fiscal Year Ended October 26, 2012 October...

Q:

Which of the following methods of accounting for uncollectible accounts matches sales with bad debts expense? A) direct write-off method B) allowance method C) contra-asset method D) reconciliation...

Q:

Reinstate 371 Uncollectible accounts expense 368 QUESTIONS 1. What is the difference between accounts receivable and notes receivable? 2. What is the net realizable value of receivables? 3. What type...

Q:

What is the effect on the accounting equation of writing off an uncollectible account receivable when the allowance method is used?

Q:

What is the effect on the accounting equation of writing off an uncollectible account receivable when the allowance method is used? When the direct write-off method isused?

Q:

I'm not looking for just answers (ie. A, B, C). I want to understand the material. Those answers with the most clear explanations I will rate EXCELLENT !!!!!!!!!!!!!!! Thank you! Accounting...

Q:

Can you please check the right answer for each question 1) ls it possible to make an entry which changes only one account? A) Yes B) No 2) How many of the following transactions would affect...

Q:

Explain the micro-assessment of country risk.

Q:

Distinguish between subordinated and unsubordinated debentures.

Q:

Treasury Inflation - Protected Securities ( TIPS ) adjust for inflation on a semiannual basis. Question 4 options: TrueFalse

Q:

Jimmy is very excited about the costume party with a 1 9 9 0 s theme. He is planning to dress up as MC Hammer but is also considering going as a lifeguard from Baywatch. His opportunity cost of...

Q:

The interest in developing know-how, often through foreign sources, has led to the development and uptake of training in HRM through the universities and through foreign companies.

Q:

The entry of foreign organizations with more attractive compensation packages and work is also causing problems of retention in state-owned and justprivatized organizations, and there is a need to...

Q:

Pay and benefits. Evidence suggests a significant departure from the old centralized mode, particularly for managers, professionals and technicians, with pay for clerical and manual workers still...