Why does the accountant make an entry to record uncollectible account expense in the period of sale
Question:
Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? lol
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
I've attached the assignment as a word file, thanks! You can use the class readings for this week's assignments. c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page...
-
Accounting for Inventories" Please respond to the following: As a Financial Accountant,determine the best type of income statement a retailer should use.Defend your suggestion. Analyze inventory...
-
Working on a final paper evaluating General Motors Co, corporate performance. Attached is the outline of the assignment along with GM financial annual statement. Evaluation of Corporate Performance...
-
Implement the method contains() for HashST.
-
John Maynard Keynes challenged all four of the beliefs on which the classical position of the economy was based and concluded that the economy could get stuck in a recessionary gap. 1. Explain why...
-
"Endless Chain Method" is a useful tool to qualify prospects. T F
-
(f) Obtain estimates of the amount of variation in the number of days to the flowering of the control plants that is accounted for by each term in the mixed model.
-
Guzman Inc. operates the Home Appliance Division as a profit center. Operating data for this division for the year ended December 31, 2014, are shown: In addition, Guzman incurs $150,000 of indirect...
-
Flash Boys - Michael Lewis Question The new stock exchange developed by Brad Katsuyama and the team at IEX set out to create a fairer trading environment. What specific changes did they feel were...
-
Silver Aviation assembles small aircraft for commercial use. The majority of Silver's business is with small freight airlines serving those areas where the airport size does not accommodate larger...
-
Why do readers of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount? lol
-
Refer back to E27.9 to address the following. Instructions Prepare a memo to Pari Raman, your supervisor. Show your calculations from E27.9 (a) and (b). In one or two paragraphs, discuss important...
-
Haley Romeros had just been appointed vice president of the Rocky Mountain Region of the Bank Services Corporation (BSC). The company provides check processing services for small banks. The banks...
-
Draw a simple but complete hydraulic circuit diagram to drive two actuators, one of which must be connected to a pressure reducing valve to control its pressure because of the delicacy of the task...
-
1. What specific skills would a person have to be a successful director for a parks and recreation position? 2. What experience would a person have working with an elected board for parks and...
-
Required labor time per unit ( hours ) Maximum demand ( units ) Contribution margin per unit Product M 2 6 , 5 0 0 $ 5 . 0 0 Product N 3 8 , 0 0 0 $ 5 . 7 0 If Bush uses the most effective approach...
-
ansewr pls Repeat Exercise 5.8.1 using (a) one rectangle; (b) four rectangles. Data From Exercise 5.8.1 A square plate size \(100 \mathrm{~cm} \times 100 \mathrm{~cm}\) is subjected to an isothermal...
-
What are the functions of communication?
-
The graph of the sequence whose general term is an = n - 1 is which of the following? [8.1] A. B. TITTT 3-2-1 23.45 2.3.4
-
Mass LLp developed software that helps farmers to plow their fiels in a mannyue sthat precvents erosion and maimizes the effoctiveness of irrigation. Suny dale paid a licesnsing fee of $23000 for a...
-
Average Rate of Return The following data are accumulated by Lone Peak Inc. in evaluating two competing capital investment proposals: 3D Printer Truck Amount of investment $40,000 $50,000 Useful life...
-
4. (10 points) Valuation using Income Approach An appraiser appraises a food court and lounge and provides the following assessment: o O The building consists of 2 floors with the following (6)...
Study smarter with the SolutionInn App