1. Receivables are amounts due to the business. Accounts Receivable are amounts due from 2. Prepare the journal entry to record the sale of a television for $2,485 to a customer that used a Visa credit card that charges a company 3% 3. To account for uncollectible accounts (bad debts), companies that make sales on credit may use either the method or the method. 4. Which of these two methods violates the Matching Principle (Expense Recognition principle)? 5. If a company uses the allowance method, the company must bad debts expected from the period's sales. 6. What are the two advantages the allowance method has over the direct write off method? a. b. 7. The is a contra asset account which reduces the Accounts feceivable account to it's 8. If a company estimates that its uncollectible accounts for the period is $1,284, what is the journal entry at the end of that period? a. b. If the balance in the Accounts fecelvable account is $128,446 and the balance in the Allowance account is $1,784 after the above journal entry, how much is reported on the Balance Sheet for Accounts Receivable? Answer: 9. ACME Company determines that the account of Beta Corp. for $700 is uncollectible. a. If ACME used the Direct Write-off methed to account for uncollectible accounts the journal entry to write off the account is